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NEW DELHI: Indian markets remained under pressure on Monday on broad selling by investors on concerns about depreciating rupee and Eurozone crisis.

The BSE Sensex closed 2.6% lower at 15,946, led by losses in Reliance Industries (down 2.6%), ICICI Bank Ltd (down 4.9%) and HDFC Bank (down 2.8%).

The 50-share Nifty index ended 2.6% down at 4778.35, weighed down by heavy selling ICICI Bank, SAIL, Sesa Goa and Tata Motors.

The Sensex slipped below its psychological levels of 16,000 and the Nifty drifted below 4,800 in today’s trade, first time since October 5, 2011.

The rupee slipped to levels of Rs 52 per US dollar for the first time since March 2009, weighed down by weak equities and concerns of foreign fund outflows.

The rupee, which has been Asia’s worst-performing currency against the US dollar, has fallen by over 15 per cent since July this year and is presently hovering around Rs 52 a dollar.

Here is brief round-up of important market voices that came on ET Now and key events that happened today:

Rupee may come back to 50 levels by quarter-end: Samiran Chakraborty, StanC

According to Samiran, a lot of speculative activity is going on right now in the currency market which is a little bit overdone and we still feel that the rupee can come back to levels of Rs 50 per dollar by end of this quarter.

That depends a lot on the European situation, I must say, but if the European situation does not flare up into something very nasty over the next 1-1.5 months, then probably what we are seeing today a little bit is a little bit overdone.

Rupee may trade between 52-49.50 in short term: IIFL

"Of late, rupee has been on a constant downward spiral, adversely impacted by the ongoing European debt crisis. During the past few weeks, rupee has depreciated from Rs 49/dollar at the beginning of this month to 51.40 levels till date," according to Hitesh Jain, Commodity Analyst - Metals & Currency, IIFL.

On outlook front, INR has the potential to test the 2009 low of 52.20 and thereafter trade range bound within 52-49.5 for the short run.

RBI may have sold dollars starting Rs 51.79 to arrest rupee slide: Traders

The rupee skidded for a fifth consecutive session on Monday to record low as oil importers bought dollars and subdued shares heightened fears of foreign fund outflows. The Reserve Bank of India (RBI) may have sold dollars starting Rs 51.79 on Monday to arrest the sharp fall in the local currency.

Market will be in the range of 14500-16500: Sandeep Singhal, Emkay Global Financial Services

According to Sandeep, the broader range for the Sensex is about 14,500 to 16,500. So the moment we start getting into this zone, people would start realigning themselves from defensives like IT or FMCG to maybe deep cyclicals or capital goods or infra sector.

 

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