The rupee plunged to a record low for a second time this week. The Sensex and Nifty logged their fifth straight session of losses and hit a two-month low.
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Sensex and Nifty ended in red on Thursday.
HIGHLIGHTS
- Rupee hit 77.63 against US dollar
- Nifty 50 index dropped 2.22%
- Reliance Industries, HDFC were top losers
The Sensex and Nifty lost more than 2 per cent on Thursday and the rupee hit an all-time low, as investors shunned riskier assets in the run-up to inflation data which could bolster fears of more rate hikes.
The NSE Nifty 50 index dropped 2.22 per cent or 359.10 to close at 15,808 and the S&P BSE Sensex fell 2.14 per cent or 1,158.08 to 52,930.31. Both the indexes logged their fifth straight session of losses and hit a two-month low.
The Indian rupee plunged to a record low for a second time this week, hitting 77.63 against the dollar. It settled at 77.5025.
Reliance Industries, HDFC, Bajaj Finance and Bajaj Finserv were among the top drags on the Nifty 50, falling between 2 per cent and 3 per cent. Adani Ports was the top percentage loser on the Nifty 50 index, falling 6 per cent.
Jaguar Land Rover parent Tata Motors closed down 4.1 per cent down, ahead of its quarterly results.
The focus was on inflation data due today. Sentiment globally was weaker after data showed U.S. inflation rose sharply in April, deepening fears of aggressive policy tightening by the Federal Reserve and a global economic slowdown.
Indian stock markets have in recent weeks been roiled by fears of sky-high inflation, a surprise interest rate hike, foreign fund outflows and mixed set of corporate results.
Foreign investors have sold Indian equities worth $2.27 billion so far this month, compared with net buying of $967 million in the same period last month, Refinitiv data showed.
“For Indian markets, inflation and Reserve Bank of India’s unexpected rate increase has created some kind of nervousness,” said Kranthi Bathini, director of equities strategy at WealthMills Securities.
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