Heavy selling pressure was witnessed in banking, finance and oil and gas stocks.
Around 10.25 a.m., Sensex was trading at 48,717.15, lower by 444.66 points or 0.90 per cent from its previous close of 49,161.81.
It opened at 49,171.28 and has so far touched an intra-day high of 49,171.28 and a low of 48,712.42 points.
The Nifty50 on the National Stock Exchange was trading at 14,722.10, lower by 128.65 points or 0.87 per cent from its previous close.
Manish Hathiramani, technical analyst with Deen Dayal Investments said: The Nifty is keeping above the 14,700 level. We will threaten the current uptrend if we close below 14,700. The situation would need to be reviewed then. Until then the trend continues to remain up and traders can strategically find ways to enter the market on dips. The markets can scale higher to 15,200-15,250, he said.
Indian rupee falls, trades at 20 versus UAE dirham
Web report/Dubai
Alamy
US dollar gains against most of the Asian currencies
The Indian rupee fell 17 paise to 73.51 against the US dollar (20.0 versus the UAE dirham) at the opening of the trade on Wednesday (May 12), weighed down by weaker domestic equity markets and a stronger US dollar.
The rupee closed at 73.34 versus the greenback (19.98 against dirham) on Tuesday.
Reliance Securities said in a research note that most of the Asian currencies were trading weaker against the dollar and could weigh on sentiments.
The Bombay Stock Exchange’s (BSE) 30-share BSE Sensex was trading 382.61 points or 0.78 per cent lower at 48,779.20 on Wednesday.
Rupee falls 17 paise to 73.51 against US dollar in early trade
PTI
Mumbai |
Updated on
Investors await cues from the US CPI, domestic inflation and IIP numbers The Indian rupee slumped 17 paise to 73.51 against the US dollar in opening trade on Wednesday tracking weak domestic equities and strong American currency.
Forex traders said investors are awaiting cues from the US CPI and domestic inflation and IIP numbers. Besides, concerns over rising COVID-19 cases also weighed on sentiment. On Tuesday, the rupee had closed at 73.34 against the US dollar. Most Asian currencies are trading weaker against the dollar and could weigh on sentiments, Reliance Securities said in a research note.
On April 28, the rupee had settled at 74.36 against the U.S. dollar The Indian rupee appreciated by 26 paise to 74.10 against the U.S. dollar in opening trade on April 29, tracking positive domestic equities and weak American currency.
At the interbank Forex market, the local unit opened at 74.20 against the U.S. dollar, then gained further and touched 74.10, registering a rise of 26 paise over its previous close.
On April 28, the rupee had settled at 74.36 against the American currency.
The rupee started on a stronger note against the greenback after the dovish statement by the U.S. Federal Reserve weighed on the greenback, Reliance Securities said in a research note adding that the strength of the equity markets also supported the local unit.