Business

Sensex drops 471 points; rupee weakens by 7 p

Mumbai, May 12 (UNI): The BSE Sensex on Wednesday further slipped by 471.01 points to settle at 48,690.80 as selling pressure was seen on metal, materials, bankex, finance and energy stocks.

The Nifty too eased by 154.25 points to 14,696.50.

Sensex rose marginally by 10 points to open at 49,171.28. During the day it nosedived 611 points to 48,550.72, the day’s low, before closing at 48,690.80, tumbling down by 471.01 points from its previous close.

The sectoral indices like metal, materials, bankex, energy, finance and oil and gas stocks dragged the market further after the initial tumble.

Seeing scrips, IndusInd Bank was a major loser, down 3.39 pc to Rs 916.90 followed by Hind Unilever, ICICI Bank, ONGC and Axis Bank. While, Titan, Maruti Suzuki, Powergrid, SBI and NTPC capped from further losses, broker informed.

There will be no trading in BSE and NSE on Thursday on account of Id-ul-Fitr, brokers informed.

The rupee on Wednesday slipped by 7 paise to close negative at 73.41 against the USD on rising demand for US dollar by bankers and importers, dealers at the Forex Market said.

In the opening trade, the domestic unit eased by 12 paise to 73.46 and finished at 73.41, sliding by 7 paise as compared to its previous close.

The local unit registered days high and low at 73.45 and 73.38 respectively.

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