Equities slump tracking weak US markets, rupee closes at new low

market-news

Indian equity benchmark indices declined sharply lower and settled in the red on Thursday in line with weakness in the US markets

New Delhi: Indian equity benchmark indices declined sharply lower and settled in the red on Thursday in line with weakness in the US markets.

“The meltdown in the US markets, on the fear of aggressive rate hikes, rattled investors and triggered a weak start.”

“The situation worsened further due to heavy selling in the index majors across sectors wherein IT and metal majors were among the top losers,” said Ajit Mishra, VP, Research, Religare Broking.

This fall indicates that bears are in control as the Nifty has completely reversed the recent gains and again reached closer to the March low.

Indications from the global indices, especially US markets, are pointing toward a further decline and so, traders should align their positions accordingly, Mishra said.

On Thursday, Sensex closed at 52,792.23 points, down 1,416.30 points or 2.61 per cent, whereas Nifty was at 15,809.40 points, down 430.90 points or 2.65 per cent.

INR vs USD Today

Further, Indian currency rupee depreciated 10 paise to close day’s trade at 77.72 per US dollar.

The Indian rupee has continued its losing streak after a brief respite as fragile risk sentiments in the markets continue to push the domestic currency on a lower incline.

“Even as the greenback has softened from its two-decade highs, and crude prices have also cooled off, the unabated outflows from the domestic equities amid mounting concerns of a global economic slowdown and spiraling inflation are weighing on the local unit,” said Sugandha Sachdeva, Vice President, Commodity and Currency Research, Religare Broking.

The overall bias is negative for the rupee-dollar exchange rate, and it seems primed to test the 78.50 mark in the near term, Sachdeva said, adding that, however, likely RBI interventions at regular intervals could soothe the market nerves intermittently.

Jateen Trivedi, Research Analyst at LKP Securities, said that the rupee can be seen inching closer to 78 in the coming sessions.

Leave a Reply

Your email address will not be published. Required fields are marked *


About us

At www.maeeshat.in we intend to introduce and promote the businesses in the Minorities especially Muslim world who distinguish themselves with respect to Halaal and Haraam. From its very beginning this journal/website has convinced Muslim industrialists and businessmen to strengthen the Indian economy and make their relationships more flourishing with other corporate.


CONTACT US

CALL US ANYTIME


Disclaimer

Maeeshat Media Pvt Ltd and https://maeeshat.in is not responsible for views and claims expressed by contributors and for reports sourced by other media networks and news agencies. They do not necessarily represent or reflect the editorial policy of the publication.


Newsletter


    Categories