Sensex drops 232 points on rupee slipping to 4-month low

Sensex down 200 points in early trade Nifty slips below 10,100-mark

Mumbai: The BSE Sensex came under relentless selling pressure in early trade Friday, plunging almost 300 points on heavy selling in banking, financial, capital goods and FMCG stocks amid sustained foreign fund outflows and weak global cues.

At 9.40 AM: Sensex fell over 256 points or 0.79% to 32,113.58 while Nifty was down by over 88 points or 0.87% at 10,033.75.

At 3.30 p.m., the Sensex closed at 31,922.44 points - down 447.60 points, or 1.38 per cent, from its previous close at 32,370.04 points.

"The main indices - NSE Nifty50 and BSE Sensex - fell steeply during the day's trade". The Nikkei 225 index lost 0.25 percent, or 51.03 points, to close at 20,296.45, while the broader Topix index also ended down 0.25 percent, or 4.13 points, at 1,664.61.

Indian shares fell 1 per cent on Friday, while the rupee hit its weakest point since early April amid concerns that the government's plan for a stimulus to halt an economic slowdown may have a negative impact on the fiscal deficit.

Google confirms buying HTC's mobile division team for $1.1 billion
The company had acquired Motorola for $12.5 billion in 2012 but sold it off to Lenovo for $2.91 billion in 2014. HTC will continue work on its branded smartphone strategy and even proceed to develop its next flagship model.

The Indian stock markets which witnessed sluggish trading sessions over the entire week came down crashing after North Korea threatened to test a nuclear weapon in the Pacific.

According to the provisional data, FPIs offloaded equities worth Rs 1,241.73 crore.

India's volatility index (VIX), which measures investors expectation about the near term volatility jumped 10.12 per cent on the National Stock Exchange (NSE) signalling the high amount of nervousness in the market.

The rupee also pared some initial losses in late morning deals to trade at 65.04, down by 23 paise against the dollar due to strong demand for the greenback from importers and banks. Metal, capital goods and power too added to the weakness.

For the week, the Sensex slipped 1.08% and the Nifty dropped 1.2%, losing the most among major Asian markets. Sun Pharma, Cipla, Wipro and HCL Tech were the major gainers while Hindalco, Yes Bank, ICICI Bank and Coal India were the major losers.

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