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Markets continue to languish in the red as Rupee continues to trade at a record low of 58.81 to the U.S. Dollar. At 1300 hrs, the Sensex was down 289 points at 19,152 and the Nifty gave off 85 points to trade at 5,793.
In the broader markets, the mid and smallcap indices slipped nearly 2% each as compared to the 1.5% fall seen on the BSE benchmark index.
The rupee hit a record low on Tuesday, with the absence of RBI intervention prompting importers to rush to cover future dollar needs, while exporters refrained from selling dollars in expectation that the rupee could fall further.
The rupee has plunged 2.8% so far this week, notching record lows for two consecutive days.
In international markets, the yen jumped against the dollar, shares sagged after the Bank of Japan disappointed investors by deciding not to implement further stimulus measures.
Worries over slowing growth in China, the world's second-biggest economy, and the start of a hearing in Germany's top court about the legality of the European Central Bank's bond-buying scheme also kept investors in cautious mood.
The disappointment over the BOJ triggered further falls in Tokyo stocks, sending Japan's Nikkei index 1.5% lower. MSCI's broadest index of Asia-Pacific shares outside Japan tumbled 1.1% to fresh 6-1/2-month lows.
European shares too opened on a weak note with CAC, DAX and FTSE shedding 0.6-0.8%.
Back home, selling pressure persisted across the sectors with Metal, Realty, Consumer Durables, Power and Bankex indices losing 2-5%. Meanwhile IT index which was flat with a negative bias was the least affected.
The only Sensex-30 stocks trading in the green were Cipla, Gail India, Infosys, NTPC, Dr Reddys Lab and Hindustan Unilever which gained 0.2-1.2%.
Among the ones in the red was Jindal Steel which slipped over 18% in today's trade on reports that the Central Bureau of Investigation has registered a case against Jindal Steel and Power Ltd over coal block allocations.
The other notable losers were Hindalco, Tata Power, Mahindra & Mahindra, ICICI Bank, Tata Steel, Sterlite, ONGC, HDFC, Bharti Airtel, Coal India, Tata Motors and Maruti Suzuki losing 2-6%.
The market breadth was very negative. 1,657 stocks declined while 468 stocks advanced on the BSE.
