Crude, rupee spook Nifty; Sensex falls 600 pts; Eicher Motors, RIL slip 5%
Rupee Hits Record Low:
The rupee collapsed to a fresh low of 73.77 against the US dollar, as global oil prices continued to rise, deepening concerns about the current account deficit and capital outflows.
Consistent dollar demand from importers, mainly oil refiners, following higher crude oil prices, kept the rupee under pressure.
Meanwhile, state-owned oil marketing companies have been allowed to raise USD 10 billion from overseas market to meet their working capital needs.
At the interbank foreign exchange, the rupee opened lower and slipped further to a fresh low of 73.77 a dollar against 73.34, a fall of 43 paise.
The international benchmark Brent crude breached the $86 per barrel level, near its four-year high.
With record weakness in rupee and boom in crude prices, the stock market opened on Thursday with a big drop. The Sensex dropped by 633 to 35,341.68. The Nifty fell 194.6 points to level at 10,663.65. In the initial business, all the sectors are doing business in red marker. Among the gains, RIL fell 3.12%, TCS 2.77%, HDFC 2.49%, HUL 2.16%, Maruti fell 1.98%.
Midcap-Smallcap also fell
In mid-cap and small-cap shares, with large-cap, sales are also being seen. The BSE mid-cap index was 0.88 percent while the mid-cap index of Nifty fell by 1.93 percent. BSE's Smallcap index declined by 1.19 percent.
What stocks fall, a boom in
L & T, Vedanta, Tata Steel, Wipro, Tata Motors and ITC are the top gainers in the business during the business. On the other hand, Reliance Industries, TCS, Hero MotoCorp, HDFC, ICICI Bank, Bharti Airtel, Infosys, AbCi, HDFC Bank, Sun Pharma, HUL dropped.
Metal-Capital Goods Index
Banking, realty, pharma, IT, FMCG, auto, consumer durables and oil, and gas stocks are showing off. Bank Nifty is trading at a level of 24,706.80 with 1.45 percent weakness. However, buying is seen in metal and capital goods stocks.
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