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Afternoon trade: Sensex sinks nearly 500 points, Nifty slips below 7,850


Mumbai :The benchmark BSE Sensex plunges down nearly 500 points and the NSE Nifty slipped below 7,850 in afternoon trade today on the back of fresh foreign capital inflows amid renewed hopes of a rate cut by RBI.

The 30-share barometer recovered by 133.24 points, or 0.50 per cent, to 26,326.22, with all sectoral indices led by IT, consumer durables and realty landing in the positive zone with gains up to 1.31 per cent.

The gauge had lost 25.93 points in yesterday’s choppy trade.

The NSE Nifty index took back the 8,000-mark by rising 39.60 points, or 0.50 per cent, to 8,016.70.

Brokers said fresh foreign capital inflows and renewed prospects of a rate cut by the Reserve Bank at its policy meet later this month largely due to positive macroeconomic numbers, including easing inflation, influenced mood.

Elsewhere in Asia, Hong Kong’s Hang Seng was up by 0.69 per cent while Shanghai Composite rose 0.71 per cent in early trade. Financial markets in Japan remained closed today for a public holiday. Trading will resume on Thursday.

The US Dow Jones Industrial Average ended 0.77 per cent higher yesterday.

The rupee edged higher by 17 paise to

65.56 against the US dollar in early trade today at the Interbank Foreign Exchange market on increased selling of the American unit by exporters amid fresh foreign funds inflows.

Forex dealers said a weakening dollar against other currencies overseas and a higher opening in the domestic equity market supported the rupee.

The rupee had closed lower by six paise at 65.73 yesterday on fresh demand for the American currency from banks and importers following a stronger greenback in overseas markets.

The benchmark BSE Sensex rose 133.24 points, or 0.50 per cent, to 26,326.22 in early trade today.


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