Market starts on a negative note in Budget week
At close, Sensex was down 824 points or 1 per cent at 75,366, and the Nifty was down 275 points or 1.2 per cent at 22,817.
The Indian stock indices continued to decline after the previous session, following subpar cues from the overnight US markets.
In the midst of the midterm elections and before of the release of October’s inflation figures later today, benchmark indices in the US markets fell. The US central bank’s future monetary policy actions will be determined by inflation numbers.
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At 9.53 am, the Sensex was down 477.63 points or 0.78 percent, trading at 60,555.92 points, while the Nifty was down 134.30 points or 0.74 percent, at 18,022.70 points.
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According to data from the National Stock Exchange, the top five gainers this morning were Divi’s Labs, Cipla, Dr. Reddy’s, Hindustan Unilever, and Hero Motocorp, while the top five losers among the Nifty 50 equities were Tata Motors, Mahindra & Mahindra, Axis Bank, Titan, and Eicher Motors.
The rupee opened today at 81.65 against the US dollar, up from Wednesday’s closing of 81.43.
With the exception of the most recent increase in November, the Indian rupee had been declining during the previous few weeks, reaching brand-new record lows as the US dollar rose against most major world currencies.
The rupee broke through the 83 level for the first time ever in October. The rupee has declined by about 10% so far this year.
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