Sensex Dips Over 250 Points, Nifty Below 10,600; Coal India, ICICI Bank Major Laggards

Persistent worries over declining rupee, and higher crude oil prices, market benchmark index S&P BSE Sensex surged near 200 points in the afternoon trade. The NSE's Nifty opened 11 points lower at 10,660.80 but further plunged 104 points in the intraday trading. Major laggards are Coal India (1.93 percent), PowerGrid (1.91 per cent) and ICICI Bank (1.79 per cent). At 2:33 pm, Sensex was 244 points down and traded at 34,972.65. NSE Nifty, at the same time, traded at 10,567.20.

Sectoral indices led by realty, capital goods, PSU, oil and gas, infrastructure, banking and power remained in the negative zone in early trade today, declining up to 1.43 per cent. Asian stocks slumped to nine-month lows on Thursday on growing worries the US administration's approach to trade is harming global economic growth even as it appeared to be modifying its approach to curb Chinese investments in US technology firms.

Major gainers in the Sensex pack in morning trade were Mahindra & Mahindra, Infosys, Tata Steel, HDFC Bank, Sun Pharma and Kotak Bank. Top laggards on the index were Coal India, NTPC, ICICI Bank, Larsen & Tourbo and HeroMotoCorp. Majors gainers on NSE's Nifty were Mahindra & Mahindra, Infosys, Lupin, Cipla and Dr Reddy's. Top losers in morning trade on NSE's Nifty were Grasim, Titan, GAIL, NTPC and Coal India.

Meanwhile, the Indian rupee collapsed to a lifetime low of 69.10 against the US dollar by plunging 49 paise in early trade today as rising crude oil prices deepened concerns about the country's current account deficit and inflation dynamics. 

US oil prices hit a 3-and-a-half year high as plunging US crude stockpiles compounded supply worries in a market already uncertain about Libyan exports, a production disruption in Canada and Washington's demands that importers stop buying Iranian crude. Brent crude was trading at nearly $78 a barrel in Asian trade today. Besides, lingering trade war concerns between the US and China accelerated selling on the domestic bourses. 

Asian indices were showing a mixed trend today. Japan's Nikkei 225 was quoting in red, down by 0.27 per cent while Hang Seng was up by 0.52 per cent, South Korea's Kospi was down by 0.62 per cent. China's Shanghai Composite index was trading in green, up by 0.25 per cent. Overnight, Nasdaq closed in red, down by 1.57 per cent while FTSE 100 was up by 1.10 per cent at the closing on Wednesday.

The US S&P 500 lost 0.60 percent on Wednesday to one-month closing low. (With Agencies inputs)