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Sensex Falls For Fourth Day, Plunges 350 Points; Metal Stocks Crash

The Sensex fell for the fourth straight day on Wednesday tracking rupee fall and continued logjam in Parliament. The Sensex plunged 354 points to settle at 27,512 and Nifty slumped 108 points to shut shop at 8,354. The selling pressure in the markets came on the back of weakness in global markets which were rattled after China devalued its currency again. Tracking China’s currency action, the rupee fell to nearly 2-year low of 64.95 against the dollar after China devalued yuan.8-1Sentiment on the Street further took a knock as analysts said that the passage of goods and services tax bill might get delayed amid continued protests by the opposition parties in the Parliament. Metal stocks were among the worst hit in trades today as investors resorted to selling after China devalued yuan again. A weak yuan would impact exports of metal companies which rely heavily on China for their revenues. The BSE metal index slumped 4.37 per cent; stocks such as Vedanta, Hindalco, Jindal Saw, Jindal Steel, NMDC and Welspun fell 3.2-8 percent each.8-3Oil & gas, banking, power, auto, capital goods and realty indices also fell 2-3 percent each. On the other hand, IT stocks saw buying interest as weak rupee helps technology companies post better rupee revenues. The broader markets also saw selling pressure. The BSE mid-cap and the small-cap indices fell 2.5 and 2.13 per cent respectively. From the Nifty-50 basket of stocks, 11 stocks advanced while 39 stocks declined.

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