Market Update : Indian markets slide further lower

The Indian stock markets slid further lower towards the end of the trading session. Among sectoral indices, the ones that are leading the losses include realtyIT and consumer durables

The Sensex today is down by around 365 points (1.32%), while the NSE-Nifty is down by around 122 points (1.45%). The correction in the midcap and smallcap stocks has been steeper with the S&P BSE Midcap and S&P BSE Smallcap indices trading lower by about 1.95% and 2.81% respectively. 

The rupee is currently trading at Rs 63.58 to the US dollar. This is the lowest level witnessed by the Indian currency against the greenback during the ongoing calendar year. In the last one week alone the currency has depreciated by about 1.8%. One of the reasons attributed to the fall in the rupee is the sell-off in equity markets by foreign institutional investors (FIIs). It is worth mentioning here that from an all-time high closing level of 29,682, the BSE-Sensex has tanked about 8.5% till date. The selling by FIIs has resulted in a surge in demand for US dollars. The outflow of dollars has put the rupee under pressure. 

Market Update : Indian markets slide further lower Market Update : Indian markets slide further lower Reviewed by Money99 on 22:05:00 Rating: 5

No comments:

Powered by Blogger.