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MARKET EYE-Indian shares on way to biggest single-day fall in nearly 16 mths
June 20, 2013 / 8:53 AM / 4 years ago

MARKET EYE-Indian shares on way to biggest single-day fall in nearly 16 mths

* India's main BSE index falls 2.5 percent, while the
broader NSE index is 2.6 percent lower, heading towards
their biggest single-day percentage fall since Feb. 27, 2012.
* Bonds, shares and commodities fell sharply around the world on
Thursday and the dollar rose after the U.S. Federal Reserve
explicitly signalled an end to easy money and data showed
China's economy slowing. 
* The Indian rupee slumped to a record low on Thursday, while
stocks and bonds were hit, after the Fed signalled a tapering of
its monetary stimulus, highlighting the country's dependence on
foreign capital inflows to fund its current account deficit.
* Shares of large-cap private banks fall as traders fear that
high foreign holding in these stocks makes them more vulnerable,
as a sell-off after the Federal Reserve signalled an eventual
end to free money. 
* ICICI Bank Ltd, with 37.94 percent FII holding,
falls 4 percent, while HDFC Bank, where FIIs hold
34.07 percent of total shares, is down 3.9 percent.  
* Traders also worry an end to the U.S. monetary stimulus could
lead to portfolio outflows, pushing the rupee lower
and, in turn, delaying any rate cuts from the central bank.

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