Sensex tanks 273 points to close at three-week low, weak rupee, rising oil prices weigh


New Delhi, JUN 27 :
The BSE Sensex plunged nearly 273 points to close at a three-week low of 35,217.11 on Wednesday, while the NSE Nifty finished below the 10,700-mark on widespread selling by investors rattled by higher crude prices and a weakening rupee.
The Indian currency hit one-and-a-half year lows against the US dollar intra-day amid persistent foreign capital outflows from emerging markets.
The 30-share BSE Sensex opened in the green and hit a high of 35,618.85, but soon turned weaker on heavy selling. It finally ended at 35,217.11, down 272.93 points, or 0.77%.
This is its lowest closing since June 6, when it had settled at 35,178.88.
The wider NSE Nifty touched a low of 10,652.40 before finishing lower by 97.75 points, or 0.91% at 10,671.40.
Sentiment took another hit after the Reserve Bank of India, in its Financial Stability Report (FSR) on Tuesday, said stress in the banking sector continues as gross non-performing assets (GNPA) ratio rises further.
State-run lenders came under heavy selling pressure, with PNB, Bank of Baroda, SBI, Syndicate Bank, Oriental Bank of Commerce and Union Bank of India falling up to 6.61%.
The June month expiry in the derivatives segment tomorrow also forced investors to adopt a cautious stance.


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