A sharp selloff in the Indian rupee has dragged equity benchmarks on this Monday morning. The Sensex is down over 200 points, while the Nifty is testing 11,500-mark as well. The Indian currency has seen a steep fall of 59 paise to 72.34 per US dollar. Apart from that, weakness in automobiles, banks and energy names are weighing on indices.
Midcaps, too, are trading in the red, down 0.25 percent on the Nifty Midcap index. Shares of Axis Bank jumped 5 percent after a successor to Shikha Sharma was announced, while Tata Motors fell 2 percent after its total JLR sales took a hit.
At 10:00 hrs IST, the Sensex is down 235.99 points or 0.61% at 38153.83, while the Nifty is down 77.20 points or 0.67% at 11511.90. The market breadth is narrow as 949 shares advanced, against a decline of 915 shares, while 97 shares were unchanged.
It’s a red start to the truncated week, with the Sensex shedding over 100 points, while the Nifty fell below 11,600.
Tepid global market movements along with a weakness in the Indian currency are likely to have weighted on the market. The Indian currency opened at another record low of 72.18 per US dollar, continuing its bearish move in the past few sessions.
Missed call
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