logo
Plus   Neg
Share
Email

Sensex Plunges 509 Points; Nifty Dips Below 11,300

India's benchmark indexes Sensex and the Nifty fell over 1 percent for the second day running on Tuesday after the rupee hit a fresh record low of 72.62 in the afternoon, reversing initial gains.

The rout in rupee coupled with rising oil prices helped fuel expectations that India's current account deficit would widen to 2.5-2.8 percent of the GDP in the current fiscal.

Investors also looked ahead to readings on consumer inflation and industrial output due Wednesday for clues to whether the Reserve Bank of India will front-load its hiking cycle to keep inflation under check.

The benchmark BSE Sensex closed the session down 509.04 points or 1.34 percent at 37,413.13 while the broader Nifty index tumbled 150.60 points or 1.32 percent to finish at 11,287.50.

Among the prominent decliners, Bharti Airtel, Indiabulls Housing Finance, Tech Mahindra, Hero MotoCorp, Power Grid, Tata Motors, ITC, Tata Steel and Titan Company lost 2-5 percent.

Globally, other Asian markets ended mixed and European stocks were subdued in early trade in the absence of any fresh developments in U.S.-China trade tensions.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Market Analysis

Follow RTT