Sensex, Nifty plunge by 1% ahead of BJPs National Executive meeting

The Dalal Street opened on a red note as Nifty 50 traded below 10,000-mark for the second time in a row.

At 0935 hours, Sensex was trading at 31,645.78 points, down 276.66 points or 0.87%, while Nifty 50 lost 73 points or 0.73%, trading at 9,891.40 points.

Motilal Oswal said, “Now short term weakness could continue towards 9920 and 9880 zones till it holds below psychological 10000 mark. On the upside now resistances are shifting lower to 10020 and 10080 zones.”

A two-day BJP National Executive meeting is scheduled for today and will be addressed by Prime Minister Narendra Modi and party President Amit Shah. 

Motilal Oswal said, "Government is likely to announce stimulus measures to prop up the economy. Any signs of easing of geopolitical tensions, hopes of stimulus could bring about some recovery but the overall trading bias will be cautious in near term.”

Gainers on BSE were Power Grid trading at Rs 212.65 per piece up 1.38%, followed by TCS at Rs 2521.55 per piece (0.79%), NTPC at Rs 167.20 per piece (0.60%), ICICI Bank at Rs 278.25 per piece (0.42%), Infosys at Rs 900.15 per piece (0.23%) and ITC at Rs 268.80 per piece (0.21%).

Share price of Shoppers Stop touched a 52-week high of Rs 499.70 per piece after e-commerce giant Amazon acquired 5% stake in the company. The stock was trading at Rs 477.35 per piece above Rs 60 or 14.62%.

Losers on the index involved Adani Ports at Rs 389 per piece below 3.05%, Lupin at Rs 990.30 per piece (2.29%), Kotak Mahindra Bank at Rs 1002.20 per piece (2%), Maruti Suzuki at Rs 7931 per piece (1.78%), Axis Bank at Rs 496.20 per piece (1.75%) and Sun Pharma at Rs 504.35 per piece (1.54%).

Indian rupee tumbled over 0.095 paisa or 0.15% trading at 64.810 against US benchmark dollar index.