Falling for the sixth straight session, the BSE Sensex shed about 140 points on Wednesday to close at an over two-week low of 38,018.31 as investor sentiment remained bearish amid a plunging rupee and weak global cues.
The rupee crashed to a fresh record low of 71.96 against the US dollar in intra-day trade on the back of rising bond yields and crisis in emerging market currencies.
Market sentiment was further dampened after a monthly survey showed that India’s services sector activity fell in August from July’s 21-month peak as new business orders declined.
The seasonally adjusted Nikkei India Services Business Activity Index fell from July’s peak of 54.2 to 51.5 in August owing to weakest growth in new work in three months.
The 30-share Sensex, after opening a shade higher and advancing to 38,250.61 in early trade, quickly slipped below the 38,000-mark.