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    Market falls sharply on global cues, weak rupee

    Market falls sharply on global cues, weak rupee

    Market falls sharply on global cues, weak rupee
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    By Ajay Vaishnav   IST (Updated)

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    The Sensex was trading at 37,590.72, down by over 278 points, or 0.74 percent in initial trade, while the NSE Nifty 50 traded lower by 79 points, or 0.69 percent, to 11,350.55.

    Indian equity market opened sharply lower on Monday with the benchmark indexes, the BSE Sensex and the NSE Nifty 50, tracking sharp losses in Asian markets and the Indian rupee, which spooked investor sentiment.
    Selling pressure was seen across all sectors, particularly banks, financial stocks and metal counters, with the gains seen in IT and pharma stocks not enough to offset losses.
    The Sensex was trading at 37,590.72, down by over 278 points, or 0.74 percent in initial trade, while the NSE Nifty 50 traded lower by 79 points, or 0.69 percent, to 11,350.55. In pre-opening trade, the Sensex settled at 37,693.19, down by 176 points, or 0.46 percent, while the Nifty 50 was down by 60 points, or 0.52 percent, to 11,369.60.
    The BSE Sensex had closed at 37,869.23, down 155.14 points on Friday, while the NSE Nifty lost 41.20 points to finish at 11,429.50.
    Midcaps were under pressure with the Nifty Midcap lower by 0.70 percent and the BSE Midcap down by 0.67 percent. BSE Smallcap and Largecap also trade lower by over half a percent.
    Except for FMCG, healthcare, IT and teck, all sectoral indices on the BSE trade in the negative zone with basic materials, energy, finance, telecom, metal, trading lower by over a percent. Only pharma, IT and FMCG traded in the green on the NSE.
    Nifty Bank and PSU Bank were down by 0.99 percent and 2.18 percent, respectively. Metal and Fin Service were also down by over a percent.
    Shares of Coal India, Sun Pharma, Wipro, ITC, Infosys, Tech Mahindra, Gail, Cipla, HCL Tech were among gainers, while Vedanta, SBI, Tata Motors, ONGC, HDFC, HPCL, BPCL declined by up to 3.76 percent on indexes.
    Trade sentiment took a hit from the start when the Indian rupee opened at 69.47 against the US dollar, falling by 64 paise and hitting a record low on Monday over weak sentiments fuelled by Turkish lira’s crash.
    The home currency had settled at 68.83, slipping sharply by 15 paise on Friday against the greenback. In initial trade, the rupee further slipped below 69.90 against the US dollar, which could further spook the markets.
    Meanwhile, equities slumped globally as appetite for riskier assets took a hit following concern that the economic crisis in Turkey may spread to other economies. Asian markets are mostly trading lower over a percent.
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