BSE Sensex sheds 300 points; Rupee slumps to 2-year low of 48.72 against a dollar!

BSE Sensex sheds over 330 points at the start of the day on dismal Asian market cues. NSE Nifty dropped its jaws by little over 100 points, witnessing broad based selling in the benchmark index.

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The negative Asian market stems from yesterday’s US Federal Reserve statement that the US economy faces significant downside risks; this news came at the sidelines of Fed’s new plan to shift $400 billion to long-term Treasuries to boost lending in the economy and help the battered housing sector.

Further, Kotak Inst Equities has forecasted significant downside levels for the month of October with a target of 15000 on Sensex. On the other hand, Rupee-dollar equation has gone out of hand with Rupee dropping to over two-year low at 48.72 against a dollar.

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