Sensex falls over 50 points on negative global cues, weak rupee

The benchmark BSE Sensex declined by about 80 points in early session today, in tandem with weak global cues amid rupee’s plunge below the 66 mark.

Besides, the release of the minutes of last Monetary Policy Committee (MPC) meeting on April 4-5, indicating the Reserve Bank of India may shift to a hawkish monetary stance in June, weighed on investor sentiment.

The 30-share index, which had gained 95.61 points in yesterday’s session, was quoting lower by 79.95 points, or 0.23%, at 34,347.34, with metal, banking, realty, FMCG, power and PSU stocks leading the fall.

Similarly, the NSE Nifty fell 25.20 points, or 0.24%, to 10,540.10.

Brokers said, besides continued capital outflows by foreign funds, profit-booking in recent gainers, rupee’s fall below the 66-mark against the dollar and higher global crude oil prices, hurt trading sentiments.

Bucking the trend, shares of the country’s largest software exporter TCS climbed 3.81%, to ₹3,312.30 after the company yesterday reported a 4.4% growth in its consolidated net profit at 6,904 crore for the March 2018 quarter and its board recommended a 1:1 bonus share issue.

Laggards were Tata Steel, Asian Paint, ITC, SBI, Axis Bank, HDFC, Sun Pharma, Yes Bank, IndusInd Bank, Power Grid, Bajaj Auto, Hero MotoCorp, M&M and RIL, falling by up to 1.39%.

Meanwhile, foreign funds sold shares worth 624.99 crore in Thursday’s trade, provisional data showed.

Globally, Hong Kong’s Hang Seng fell 0.18%, while Shanghai Composite Index shed 0.73% in early trade on Friday. Japan’s Nikkei, however, rose 0.14%.

The US Dow Jones Industrial Average had ended 0.34% lower in Friday’s trade.

Bombay Stock Exchange - BSE

National Stock Exchange of India Ltd (NSE)