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Sensex down 286 points on weak rupee

Mumbai, Jul 3, 2013, DHN S:

Key benchmark indices edged lower for the second straight day as weakness in rupee, which fell below 60 a dollar, on the back of weakness in global stocks hitting investor sentiment adversely.

The BSE Sensex lost 286.06 points or 1.47 per cent to settle at 19,177.76 while the 50-unit CNX Nifty at NSE lost 86.65 points or 1.48 per cent to settle at 5,770.90.

Further, the weakness in the rupee and rising crude oil prices also weighed on market sentiment, with bank shares leading the decline after the RBI mooted extra provisioning and capital requirement for banks' exposure to companies with unhedged forex exchange positions. ICICI Bank, SBI, HDFC Bank slipped between 1 - 4.6 per cent each while mortgage lender HDFC close 2.7 per cent lower.

During the day, metal stocks edged lower on weak Chinese economic data with steel shares leading the decline in metal stocks.


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