Indian stocks continued with their losing streak, tracking the weakness in Asian markets. The Bombay Stock Exchange’s key index, the Sensex, slipped almost 100 points while the Nifty broke below the 7,750 mark.
The broader market traded in line with the benchmark indices with the BSE midcap and smallcap indexes edging lower by 0.26 and 0.11 percent, respectively.
The auto and metal index saw the deepest cuts. In fact the BSE FMCG sector was the only one to trade in the green.
Adani Ports plunged nearly 10 percent and was the biggest loser on the Sensex. Tata Motors, Tata Steel, ICICI Bank, Coal India and Dr Reddy’s were the other major losers. HDFC, NTPC, HDFC Bank, Hero Moto and ITC were the key gainers.
Rupee Opens Lower
The rupee weakened 21 paise to 66.63 against the US dollar in early trade on increased demand for the American currency from importers and banks.
A firm dollar against other currencies overseas as global growth worries swept equity markets and pushed lower oil prices, boosting demand for the American currency and a lower opening of the domestic equity market weighed on the rupee, dealers said.
On Tuesday, the rupee had closed marginally up by 2 paise to 66.42 on selling of the US dollars by banks and exporters amid fall in equity market.
Asian Markets Track Losses on Wall Street
Asian markets traded on the back foot, after US stocks fell overnight amid renewed global growth concerns and as oil prices lost ground.
Oil prices retreated overnight, with US crude futures settling down 2.5 percent at $43.65 a barrel, while Brent futures settled down 1.9 percent at $44.97.
Major US indexes closed mixed, with the Dow Jones down 0.78 percent, the S&P 500 finishing 0.87 percent lower and the Nasdaq composite down 1.13 percent, its lowest close since 14 March.
(With agency inputs)
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