Benchmark indices slumped to fresh intra-day lows on widening trade deficit and slump in rupee, which tumbled to 13-month low to trade at 63.54 against the US dollar, amid weakness in Asian peers which declined on the consistent dip in crude prices. At 2:25 PM, the Sensex was down 487 points at 26,837 and the Nifty was down 137 points at 8,082.
The benchmark indices slipped amid sell-off in world equities, as crude oil prices slipped below $60 a barrel for the first time since 2009. Rupee tumbled 0.93 per cent to the level last seen on 13 November 2013. Downbeat China factory data too weighed on Asian shares.
India’s trade deficit widened to an 18-month high at $16.86 billion in November as merchandise imports rose at a much faster pace than merchandise exports, driven mainly by skyrocketing gold imports.
The Indian markets have emerged as the worst performers in the Asian region in December so far with Sensex losing 6 per cent and Nifty shedding around 5 per cent in this month.
(Edited by Joby Puthuparampil Johnson)