Indian equity benchmarks fell around 1.37% in today’s trade on week global cues and sharp rupee depreciation against US dollar. Sensex sheds 286.06 points and ended the day at 19,177.76 while 50 stocks index Nifty ended at 5,770.90 down by 86.65 points.
Indian rupee dropped 67 paise or over 1 percent to 60.33 per dollar, continuing its depreciation for the second consecutive session on dollar demand. The rise in global crude oil prices is also a concern as it widens India's current account deficit (CAD).
Punjab National Bank plunged after Goldman Sachs downgraded the bank to "neutral" from "buy" and cut its target price to Rs 780 from Rs 900, citing a weak economic environment and the elevated stress asset levels at the lender.
Among the sectoral indices CNX Pharma (0.55%) and CNX FMCG (0.36%) were only gainers while CNX PSU Bank crashed -5.16% and was the biggest loser of the day followed by CNX Realty (-4.93%) and CNX Metal (-2.78%).
Out of 50 stocks of Nifty 9 stocks advanced while 41 stocks declined.
Top 5 Nifty gainers: LUPIN (3.87%), Jindal Steel (1.40%), Sun Pharma (1.21%), Ambuja Cement (0.80%) and ITC (0.55%) were among top gainers.
Top 5 Nifty losers: JP Associate (-8.38%), BOB (-7.95%), IDFC (-6.06%), PNB (-4.94%) and Sesagoa (-4.70%) were among top index losers.
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