Market tumbles on weak global cues and weak Rupee: Weak global cues and a big slide in the rupee caused panic selling in the market today. More than four shares declined for every share advancing on the BSE while on the NSE, eight shares declined for every one share rising. November trade data showing weakness on India's external front also hit sentiment on the domestic bourses adversely. After a heavy selling day, the Sensex ended with a loss of 538 points or 2 percent at 26781.4. The Nifty closed below 8100-level, down 152.00 points or 1.8 percent at 8067.6.
In the foreign exchange market, the rupee weakened past the 63 mark against the dollar as India's trade deficit rose sharply last month due to a sharp surge in gold imports. Meanwhile, investors are closely monitoring if the government's key legislative reform bills are passed during the ongoing winter session of the parliament. The government may table the constitutional amendment bill to facilitate the levy of goods & services tax (GST) during the ongoing winter session of the parliament.
In the foreign exchange market, the rupee weakened past the 63 mark against the dollar as India's trade deficit rose sharply last month due to a sharp surge in gold imports. Meanwhile, investors are closely monitoring if the government's key legislative reform bills are passed during the ongoing winter session of the parliament. The government may table the constitutional amendment bill to facilitate the levy of goods & services tax (GST) during the ongoing winter session of the parliament.
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