Sensex falls by 550 points, closes below 36,000 mark

Written by October 3, 2018 17:04

Benchmark indices extended losses in late trade as the Sensex closed below 36,000 first time in July and Nifty below 10,900 levels amid weakening rupee, higher crude oil prices and the crisis in Italy.

According to the Times of India report, the 30-share BSE Sensex fell by 550.51 points or 1.51 percent to 35,975.63 and the 50-share NSE Nifty dipped 150 points or 1.36 percent to 10,858.30 but the market breadth remained in favour of advances.

Rupee continues to fall

The rupee today fell sharply to hit a new low against the US dollar, amid a surge in global crude prices. The rupee hit an intra-day low of 73.42 against the US dollar.

Auto stocks extended losses today with the Nifty Auto Index falling over 2.6% dragged by Mahindra and Eicher Motors.

According to Live Mint report, in global markets, European stocks climbed alongside the euro, and Italian bonds rallied on reports that the government will rein in spending plans. Oil traded above $85 per barrel and near a four-year high, supported by expectations that US sanctions on Iran will tighten supply.

Throughout last month, the Equity market witnessed disappointment, where benchmark indices plunged more than 6 percent each dragged by volatility in rupee, higher crude oil prices and liquidity crisis fears in NBFCs.

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