Sensex down 77 pts as Re crosses 60-level Vs dollar

Sensex down 77 pts as Re crosses 60-level Vs dollar

Sensex down 77 pts as Re crosses 60-level Vs dollar

The BSE benchmark Sensex today fell by 77.03 points led by decline in bluechips Bharti Airtel and Mahindra and Mahindra, as rupee breaching 60-mark against the dollar triggered concerns of increased FII outflows.

After making a marginally higher start at 18,642.43, the 30-share index settled lower by 77.03 points, or 0.41 per cent, at 18,552.12, after rupee hit all-time low of 60.62 against the US currency in mid-session on heavy dollar demand.

Similarly, the wide-based National Stock Exchange index Nifty fell by 20.40 points, or 0.36 per cent, to close at 5,588.70. Also, SX40 index, the flagship index of MCX-SX, closed 49.23 points, or 0.44 per cent lower at 11,048.71.

Brokers said the selling pressure sparked soon after the rupee falling to record lows in forex markets on reports of heavy capital outflow from equity markets.

They said the selling was more confined to companies having exposures to overseas markets such as auto, metal and banking sectors.

Cautious investors offloaded their holdings before the monthly settlement in the derivatives segment tomorrow, they added.

Out of the 30 BSE shares, 18 ended lower led by Bharti Airtel falling 5.74 per cent to Rs 278.45, followed by Mahindra and Mahindra closing down by 4.63 per cent at Rs 912.15.

Bucking the general weakening tend, stocks of software exporting companies ended with gains on hopes of better earnings following dollar strengthening. Country's largest software services firm TCS closed 2.84 per cent higher at Rs 1,433.65.
Over 60 per cent Indian software companies get their business revenues from abroad.

Sectorally, the auto sector index fell by 1.79 per cent to 10,347.65 and metal sector losing 1.31 per cent to settle at 7,372.83.