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Sensex falls 175 points on rupee woes, rising crude prices

Wednesday, October 10, 2018

The BSE Sensex erased all early gains to end 175 points lower in choppy trade yesterday, posting its fourth fall in five sessions due to widespread selling in auto, consumer, realty, oil and gas and banking stocks, amid weakening rupee and boiling crude oil prices.

The 30-share Sensex opened higher at 34,651.82 points but slipped into the negative zone to hit a low of 34,233.50 before ending at 34,299.47, recording a fall of 174.91 points, or 0.51%.

Similarly, the NSE Nifty after shuttling between 10,397.60 and 10,279.35 points, ended 47 points, or 0.45%, lower at 10,301.05.

"Volatility continued in the market in spite of which short-term investors are accumulating select beaten down stocks with an eye on upcoming quarter earnings," said Vinod Nair, Head of Research, Geojit Financial Services.

However, negative sentiments from global market on concerns over a slowing world economy led by lingering trade war between the US and China dragged the market, he added.

According to a Nomura report, the recent market fall has to a large extent corrected the excess. However, it is still difficult to call a bottom on the valuation and further downside cannot be ruled out.

Market sentiment was also dampened on unabated foreign fund outflows and the International Monetary Fund (IMF) downgrading outlook for world economy to 3.7 growth on yesterday.

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