Sensex falls over 100 pts, Nifty tests 10650; RCom rallies 18%

Sensex falls over 100 pts, Nifty tests 10650; RCom rallies 18%

Adding to the woes, the rupee went into a tailspin by plunging 56 paise, the second biggest single-day fall of 2018, to end at a new 16-month low of 68.07 as panic dollar demand rattled currency market.

Brokers said sentiment remained weak largely on sustained capital outflows by foreign funds and rising global crude oil prices, which went past the Dollars 80 per barrel mark.

The political cauldron in Karnataka remained on the boil, with the Supreme Court asking BJP's B S Yeddyurappa government to prove its majority in the assembly tomorrow.

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Overseas, other Asian markets were mixed amid caution over developments in US-China trade negotiations. The Nifty meanwhile traded 30 points or 0.30 per cent lower at 10,654.05.

The 30-share Sensex opened lower at 35,452.35 points and moved between 35,241.63 and 35,543.89 before settling lower by 156.06 points, or 0.44 percent, at 35,387.88. "A BJP victory in Karnataka will revive hopes of Narendra Modi forming the government again in 2019, which is important for the follow-up of economic reforms", said Anand Shah, deputy CEO and head of investments BNP Paribas Mutual Fund India.

The major gainers on the Sensex were Hindustan Unilever, up 3.84 per cent at Rs 1,574.20; ITC, up 1.47 per cent at Rs 285.95; Wipro, up 1.44 per cent at Rs 274.30; Tata Motors (DVR), up 1.33 per cent at Rs 183.50; and Yes Bank, up 1.11 per cent at Rs 349.50 per share.

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On the other hand, consumer durables rose 1.37%, realty 0.41%, infrastructure 0.28%, capital goods 0.24% and oil and gas 0.08%.

In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 699.22 crore, while the domestic institutional investors bought stocks worth Rs 229.06 crore.

Japan's Nikkei was up 0.2 per cent. China's Shanghai Composite Index too gained 0.46 percent.

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The Nifty slumped 147.8 points or 1.35 per cent from its days high and finally ended the day at 10,801.85, down 0.04 per cent or 4.75 points. The Bank Nifty fell 0.41%.

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