BSE slips 378 points, NSE to 120 pts; rupee trades at 70.24 against USD

Weak factory data from China and India fuelling concerns of a slowdown in global growth and sustained weakness in the Indian currency pulled the benchmark Sensex down by 378 points on Thursday. Energy, oil and gas and metal stocks came under heavy selling pressure while realty also succumbed to the negative trend, reversing early gains.

Realty stocks have outperformed the benchmark indices for the past few sessions on the expectation that the GST Council at its January 10 meeting will bring down the tax rate on under-construction housing to 5 per cent from 12 per cent.

FMCG and telecom stocks were the only stocks on BSE which managed to end with gains. The S&P BSE Sensex settled 377.81 points or 1.05 per cent lower at 35,513.71 after touching an intra-day high of 35,999.66 and a low of 35,475.57.

The NSE Nifty50 closed at 120.25 points or 1.11 per cent down at 10,672.25. The Indian rupee weakened by 7 paise on Thursday to trade at 70.24 per dollar, against the previous close of 70.17 per dollar. The benchmark Brent Crude traded at $54.75 per barrel around the closing bell.

(With inputs from agencies.)