“Short-covering and global risk-off had put pressure on all the emerging markets’ currencies”. Besides, Infosys surged 3.08 per cent to Rs 1,082.35 ahead of its quarterly earnings tomorrow.
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Oil explorers were down amid weak global crude oil prices.
In cross-currency trades, the rupee fell against the pound sterling to finish at 96.81 from overnight close of 96.44 and also dropped against the euro to conclude at 73.57 from 72.37. Ltd (ONGC), the largest state-run explorer, slid to a one-month low, while GAIL India Ltd., the nation’s biggest natural gas supplier, tumbled for a fifth day.
Brent crude oil futures edged lower on a stronger dollar and worries over Chinese demand. SpiceJet, Jet Airways, InterGlobe Aviation were up over 2% each.
Caution over the third quarter (Q3) results season, long-liquidation positions and sliding Asian markets, too, dented sentiments.
The BSE Sensex declined as much as 1.2 percent to its lowest level since June 2, 2014.
Friday’s sell-off was broad-based, as mid-cap and small-cap stocks bore the maximum brunt.
In contrast, the S&P BSE market breadth still favoured the bears – with 2,198 declines and 609 advances.
“For the Nifty resistance is seen at 7585 above 7607, 7632 and 7650. On the flipside, immediate support levels remains at 7490-7450”, said Angel Broking in a note.
According to data with stock exchanges, FIIs divested Rs.1,123.79 crore, while DIIs bought stocks worth Rs.688.84 crore.
However, the bellwether indices pared their losses as investors were attracted by a sizeable number of stocks that were trading at their yearly lows. Meanwhile, oil prices plunged near 12-year lows on oversupply glut. The Sensex has fallen 6.3% in 2016 so far. In addition, China’s Shanghai Composite has extended its losses and is down 1%. There were reports suggesting that the US Fed is concerned over falling commodity prices and its impact on the US inflation.
The US Dow Jones Industrial Average ended 1.41 per cent higher in Thursday’s trade.
Key European indices like France, Germany and the United Kingdom fell between 1.76 per cent and 2.43 per cent.
Dollar revenue for the quarter increased 0.6 percent to USD 2,407 million from USD 2,392 million on sequential basis.
During Jan 8-15, the BSE Smallcap index and BSE Midcap index plummeted 7.46 per cent and 5.90 per cent, respectively.
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Other Sensex gainers include, ICICI Bank, Tata Motors and NTPC among others.
