Sensex loses over 75 points as rupee weakens in early trade

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The benchmark Sensex of the Bombay Stock exchange shed over 75 points in early trade on Friday, in tandem with weak global cues amid rupee’s plunge below the 66 mark.

The 30-share index lost 79.95 points (-0.23 percent) at 34,347.34 with metal, power, banking, realty, FMCG and PSU stocks leading to the fall.

The broader 50 share NSE Nifty fell 25.20 points (-0.24 percent) to 10540.10.

Brokers said, besides continued capital inflows by foreign funds, profit- booking in recent gainers, rupee’s fall below the 66-mark against the dollar and higher global crude oil prices, hurt trading sentiments.

Bucking the trend, shares of the country’s largest exporter TCS climbed 3.81 percent to Rs 3312.30 after the company yesterday reported a 4.4 percent growth in its consolidated net profit at Rs 6904 crore for the March 2018 quarter.

Major laggards were Asian paints, Tata Steel, SBI, ITC, Sun Pharma, HDFC, Axis Bank, IndusInd Bank, Yes Bank, Bajaj Auto, Power Grid, Hero MotoCorp, RIL and M&M falling up to 1.39 percent.

Meanwhile, Foreign Portfolio Investor sold shares worth Rs 624.99 crore on Thursday, a provisional data showed.

In other Asian markets, Hong Kong’s Hang Seng lose 0.18 percent while Shanghai Composite Index shed 0.73 percent in early trade, however, Japan’s Nikkei rose 0.14 percent.

The US Dow Jones Industrial Average had ended 0.34 percent lower while Nasdaq Composite Index shed 0.78 percent in Friday’s trade.

The rupee weakened by 25-paise went below the 66-level to hit its 13-month low of 66.05 against the US dollar due to the appreciation of the U.S. currency overseas.

Meanwhile, the minutes of the last meeting of the MPC indicated the RBI may shift to a hawkish monetary stance in June.

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