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BSE Sensex drops by 103 points; Rupee at Rs 66.72 against US dollar

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New Delhi :Falling for the second straight session, the benchmark BSE Sensex dropped by another 103 points, while the NSE Nifty cracked the 7,900-mark in early trade today on sustained selling by funds and retail investors amid sluggish Asian cues.

The 30-share index was trading down by 103.16 points, or 0.39 per cent, to 26,014.69 with stocks of metal, FMCG, PSU, auto, healthcare, consumer durables and banking sectors leading the fall. The gauge lost 51.56 points in the previous session.

On similar lines, the National Stock Exchange Nifty dipped below the 7,900-level by falling 36.90 points, or 0.46 per cent, to 7,894.45.

Brokers said selling by participants in recent gainers and a weak trend in other Asian markets, tracking overnight sell-off in the US markets on plummeting oil prices mainly dampened the sentiment.

Besides, manufacturing PMI, which fell to a 25-month low of 50.3 in November also added to the negative bias, they said.

Among other Asian markets, Japan’s Nikkei moved down by 0.22 per cent and Hong Kong’s Hang Seng fell 0.62 per cent in early trade today. Shanghai composite index shed 0.32 per cent.

The US Dow Jones Industrial Average ended 0.89 per cent lower in yesterday’s trade.

The rupee fell by 13 paise to 66.72 against the dollar in early trade today due to fresh demand for the American currency from importers.

Gains in the dollar against major global currencies, bolstered by Federal Reserve Chair Janet Yellen’s signal that the US economy looks strong enough for an interest rate hike this month and a lower opening in domestic equity markets, weighed on the rupee, dealers said.

The rupee had dropped 10 paise to end at 66.59 in yesterday’s trade on renewed demand for the dollar from banks and importers amid higher greenback overseas.

Meanwhile, the benchmark BSE Sensex fell by 103.16 points, or 0.39 per cent, to 26,014.69 in early trade today.

PTI