The Indian rupee hit its weakest point since April on Friday with Sensex plunging 400 points and Nifty breaching the 10,000 mark. Benchmark indices traded tight on multiple sessions on Friday amid concerns of government stepping up measures to halt economic slowdown.
Concerns over the government's move resulting in a negative impact on the fiscal deficit brought the market moods down. Economic growth, according to Union Finance Minister Arun Jaitley has slipped to a three-year low of 5.7 per cent in the quarter to end-June and the government is mulling ways to stop it from plummeting further.
BSE Sensex fell 395 points, or 1.22 per cent, to 31,974, while the Nifty 50 fell 139 points, or 1.38 per cent, to 9,983 closer to Friday's closing. At around 2.10 PM the Nifty metal plunged 3.36 per cent led by Hindalco, which was down 4.91 per cent, Tata Steel down by 3.33 per cent and JSW Steel by 1.96 per cent. The Nifty Bank dropped further 1.56 per cent and the Nifty realty fell 2.87 per cent.
Global cues added to the woes of Indian markets on Friday with subdued. Global investment interests were subdued amid North Korea- US faceoff over the former's claims of testing a hydrogen bomb.