Mumbai: Indian equities plunged on Thursday amidst a rout in global equities after the arrest of a senior executive of Chinese tech giant Huawei in Canada for extradition to US triggered fresh concerns regarding a renewal of trade tension between US and China.
Rating agency Fitch’s forecast about rupee hitting 75 a dollar by 2019 end and the likely production cut in Opec meeting, also weighed on sentiments.
The Sensex plunged 572.28 points or 1.59 per cent to end the session at 35,312.13 while the Nifty closed the session at 10,601.15, down 181.75 points or 1.69 per cent.
According to experts, investors remained cautious ahead of the state assembly poll results next week that is likely to set the tone for the 2019 polls.
“Opec members are inclined for a production cut however there is no consensus on actual quantum. Opec needs to bring Russia on board for a production cut policy and 2-day meeting starting from today will give fresh direction to crude oil,” said Abhishek Bansal, chairman, Abans Group.
The weakness in the equities also impacted the sentiments in the forex market with rupee again breaching the 71 level mark in intra-day trade.
The rupee finally ended at 70.90 a dollar....