Profit booking, weak rupee make equity markets tumble

Mumbai, Nov 11 (IANS) Profit booking, weak rupee and lower crude oil prices dragged the Indian equity markets lower on Friday.

The key indices provisionally closed the day’s trade with losses of more than 2.5 per cent each, as heavy selling pressure was witnessed in automobile, banking and consumer durables stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) receded by 229.45 points or 2.69 per cent, to 8,296.30 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 27,344.85 points, provisionally closed at 26,818.82 points (at 3.30 p.m.) — down 698.86 points or 2.54 per cent, from its previous close at 27,517.68 points.

The Sensex touched a high of 27,344.85 points and a low of 26,777.18 points during the intra-day trade.

The BSE market breadth was skewed in favour of the bears — with 2,217 declines and 467 advances.

On Thursday, the key Indian indices had made substantial gains on the back of positive global markets and short covering.

The barometer index had surged by 437.01 points or 1.60 per cent, and the Nifty had rose by 149.05 points, or 1.77 per cent.