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Sensex falls as rupee slides, oil jumps; SBI, ICICI Bank stocks down

The Bank Nifty index fell 1.4 per cent, while the Nifty PSU Bank index declined 3.55 per cent, the most since August 10

BS Reporter  |  Mumbai 

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Stock prices tumbled on Tuesday as investors took money off amid rising macro-economic headwinds. The benchmark fell for a fifth day, while the broader clocked their worst single-day performance in nearly two months. Investors were spooked by the sliding rupee, surging bond yields, and oil prices. The dropped to a record low of 71.56 against the dollar, the 10-year government bond yield ended at 8.06 per cent, and prices neared $80 a barrel, a level last seen in May.

The fell 0.4 per cent to close at 38,157.92 points, while the Nifty declined 0.54 per cent to 11,520.3. Sharp gains in technology stocks helped the benchmark mitigate losses. The magnitude of the correction was witnessed in the broader market, with the Nifty Midcap 100 dropping 2.72 per cent — most since February 2 and the Nifty Smallcap 100 index declining 2.6 per cent — most since July 16. On the BSE, there were nearly three declining stocks for every one advancing.

The spike in bond yields and weakness in the took a toll on banking stocks, as investors speculated that the (RBI) maybe once again forced to raise interest rates. The index fell 1.4 per cent, while the Nifty PSU Bank index declined 3.55 per cent, the most since August 10. Shares of State Bank of India fell 3.2 per cent, while ICICI Bank declined 1.72 per cent. fell 3.5 per cent amid rising oil prices, a key raw material.

First Published: Wed, September 05 2018. 00:06 IST
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