The BSE Sensex on Thursday experienced a bloodbath of sorts after it crashed over 1,030 points to slip below the key 34,000-mark in early trade as the rupee hit yet another record low of 74.45 against the US dollar.
Traders attributed the carnage in domestic share market to the sell-off in international shares after US stocks tumbled on heavy correction in tech stocks, fresh concerns over Fed rate hike and looming impact of the US’ trade war with the China.
Rising 10-year US treasury bonds, jumping above 3 per cent last week and the International Monetary Fund (IMF) slashing its global growth forecast and weakness in emerging markets, too spooked investors.
The 30-share BSE Sensex, which had gained 461.42 points Wednesday, slipped below the 34,000-mark by crashing 1,030.40 points, or 2.95 per cent, to 33,730.49 in opening trade, reported PTI.
All 30 Sensex stocks but one traded in the red while 46 out of 50 Nifty stocks were in the negative. HDFC, Reliance Industries, Infosys, HDFC Bank and ICICI Bank led the fall in the Sensex. Tata Steel, Vedanta, State Bank of India, Axis Bank and HDFC were the top five Sensex losers.
Meanwhile, the rupee inched closer to 75 as it plunged to an all-time low of 74.45 against the US dollar on Thursday.. It opened weak at 74.37 and slipped further to quote a lifetime low of 74.45, depreciating 24 paise against the US dollar in early trade. It had lost its value by 18 paise on Wednesday.