Rupee closes at ten-month low as economic growth falters

Rupee closes at ten-month low as economic growth falters”

At one point in the day, the Sensex fell over 850 points to 36,466.

At close, the Sensex was down 769.88 points or 2.06% at 36,562.91, while Nifty was down 225.40 points or 2.04% at 10,797.90. Only two IT stocks - TechM and HCL Tech - made small gains.

On the BSE, ICICI Bank, Tata Steel, Vedanta, HDFC, IndusInd Bank, Tata Motors and ONGC saw their stocks decline the most.

A slew of negative news piled up over the long weekend, latest being the USA and China indulging in fresh tariff war, with both sides announcing fresh rounds of import duties, and the deepening domestic slowdown, with paltry growth in eight core sectors, which slipped to 2.1 per cent during July from 7.3 per cent a year ago.

The rupee, which opened weaker at 71.97 a dollar as compared to precious close of 71.41, touched the day's low of 72.40 before closing at 71.39 a dollar.

All the sectoral indices ended lower led by the PSU Bank, metal, energy, infra, pharma, FMCG, auto and IT. The India VIX index, which is looked upon as a measure of near-term volatility, rose almost 11% to close above the 18-mark at 18.06, though it is still much lower than its 52-week high of almost 30.18. "The continuing negative global cues, the raging tariff war between the USA and China, and the likely sluggishness in the economic fortunes of economies around the world have also been behind the rot in the markets here as well as elsewhere", said Joseph Thomas, Head of Research - Emkay Wealth Management.

Big market voices also echoed the slowdown in the economy, with State Bank of India Chairman Rajnish Kumar saying, "Almost all the sectors are seeing slowdown" and Housing Develop-ment Finance Corporation Chairman Deepak Parekh saying, "Thousands of residential homes were finding no takers".

However, the merger will still be painful as a result of the geographic and cultural diversity of the merging entities, they added.

A private forecaster's PMI data showed the country's manufacturing sector activity declined to its 15-month low in August.

The Indian economy, the third-largest in Asia, expanded just 5% year-on-year in the three months ended June - the lowest pace since March 2013, official data showed on Friday, far below the 5.7% forecast in a Reuters poll, suggesting the economy had lost momentum. The markets were closed on Monday on the occasion of Ganesh Chaturthi.

Exchanges in Europe were also trading the the red in their respective early sessions. Global oil benchmark Brent crude fell 1.07 % to 58.03 per barrel (intraday).

Like this



04 Сентября 2019
BMW M4 Edition M Heritage Is All About Color Play
Fittingly it's only offered in the three colours inspired by the BMW M GmbH logo with its light blue, dark blue and red hues. As for cars painted Imola Red, the seat colours are Red and Black, which are coupled with yellow and red contrast stitching.

04 Сентября 2019
Haley Smith, 'American Idol' Contestant, Dead at 26
During her initial audition, Steven Tyler was blown away with her singing saying, "I love your voice". TMZ said her family were preparing to celebrate her 27th birthday in November.

04 Сентября 2019
Ashes 2019: England and Australia ring the changes for pivotal fourth test
Captain Joe Root has also confirmed that Joe Denly will move to the top of the batting order to open with Rory Burns , with Jason Roy set to bat at No 4.

04 Сентября 2019
DEVELOPING EWR: Police Investigation Shuts Down Terminal A at Newark Airport
The alarm caused about 150 to 200 passengers in the terminal to "self-evacuate" outside Gate 37, the Port Authority said. Another passenger, Erin Fors, tweeted: 'Most terrifying few minutes of my life.

04 Сентября 2019
Twins set new single-season home run record
The Twins couldn't conquer Detroit's seven-run 3rd inning, however they surely stored the power on with their prodigious energy. The Tigers put up a fight early, as Gibson got off to a slow start, but the Twins scored in four of the first five innings.

04 Сентября 2019
Google launches Android 10 landing page a few hours from release
If you want to get a quick oversight of the new features check out the Android 10 website or the Google developers blog . If you own a Pixel phone, you should expect an‌ Over-The-Air update really soon.

03 Сентября 2019
Tropical Storm Fernand forms in western Gulf of Mexico
The NHC is giving the tropical wave a 70 percent chance of developing into a tropical depression within five days. It was centered about 160 miles east of La Pesca, Mexico, and was moving west near 7 miles per hour.

03 Сентября 2019
Ariana Grande Is Suing Forever 21 for $10 Million
Ariana Grande has hit Forever 21 with a $10 million lawsuit alleging the brand stole her image, court papers show. The legal complaint was filed on Monday morning in USA federal court in Los Angeles, according to Reuters .

03 Сентября 2019
Month After Texas Shooting, Walmart To Stop Selling Handgun Ammunition
Mr McMillon said: "We know these decisions will inconvenience some of our customers, and we hope they will understand". On Sept. 3, 2019, the chain announced it will discontinue the sale of handgun ammunition.

03 Сентября 2019
Charlize Theron's Cipher ditches dreadlocks for 'Fast & Furious 9'
The actress is returning to the high-octane franchise as villain Cipher, who was introduced in 2017's The Fate Of The Furious . 'She's baaaaack #Fast9, ' she captioned her Instagram photo showing her super short bowl hair cut for her role as Cipher .