Sensex slumps 188 points dragged by banking stocks, Nifty settles at 11,385

The 30-share BSE Sensex closed 188.44 points down at 37,663.56, on Thursday, while the broader Nifty 50 ended 50.05 points lower at 11,385.05, dragged by metal and banking stocks, offsetting gains in pharma and IT stocks.

ALSO READ: Trade deficit widens to a 5 year high in July

The rupee plunged to a fresh record low of 70.40 a dollar after government said that the country’s trade deficit widened to a five-year high as petroleum imports surged. In global markets, shares and emerging market currencies fought to regain their footing, after China said it will hold trade talks with US later this month and Turkey’s lira continued its recovery run.

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