BSE Sensex loses ground by over 84 points; Rupee at 66.78 against US dollar

Mumbai :Indian shares continued their losing run as the benchmark BSE Sensex lost ground by over 84 points and the NSE Nifty cracked below the 7,700 mark in early trade as investors indulged in scaling down their bets, tracking weak global cues.

Moreover, renewed concerns over passing of key reform bills like GST too dampened sentiments.

The 30-share index was trading lower by 84.67 points or 0.33 per cent at 25,225.66 with metal, realty, oil&gas, PSU, power, healthcare and IT stocks contributing to the fall.

The gauge has plunged by 860 points in the previous five sessions on sustained foreign fund outflows and worries over the passage of GST bill.

Also, Nifty dipped below the 7,700-mark by falling 24.05 points or 0.31 per cent to 7,677.65.

Brokers said continued capital outflows by foreign funds and a weak trend in other Asian markets following overnight losses in the US equities amid a retreat in commodity-linked stocks due to weaker oil prices accelerated selling here.

Japan’s Nikkei was down 0.52 per cent while Hong Kong’s Hang Seng shed 0.41 per cent in early trade today. Shanghai, however, was up by 0.52 per cent in early trades.

The US Dow Jones Industrial Average ended 0.92 per cent lower in yesterday’s trade.

The rupee recovered by 6 paise to 66.78 against the dollar in early trade today on fresh selling of the American currency by exporters and banks.

Forex dealers said dollar’s weakness against other currencies overseas as falling oil prices renewed low inflation concerns ahead of the Federal Reserve’s interest rate decision next week, too supported the rupee.

They said, however, a lower opening of the domestic equity market, capped the gains.

The rupee had plunged to close at its fresh two-year low of 66.84 against the dollar by falling 11 paise in yesterday’s trade on consistent demand for the American currency from banks and importers.

Meanwhile, the benchmark BSE Sensex fell by 84.67 points or 0.33 per cent to 25,225.66 in early trade.