National

Sensex Crashes Over 1100 Points, Rupee Hits All-Time Low

New Delhi: On Thursday, Sensex and Nifty lost more than 2 percent. The rupee has hit an all-time low. This comes as investors shunned riskier assets in the run-up to inflation data which could bolster fears of more rate hikes.

The NSE Nifty 50 index slid 2.22 percent, or 359.10 points, to 15,808, while the S&P BSE Sensex sank 2.14 percent, or 1,158.08 points, to 52,930.31. Both indices fell for the fifth straight day, hitting a two-month low.

The Indian rupee has fallen to a record low for the second time this week. It hitted 77.63 against the dollar. It settled at 77.5025.

Reliance Industries, HDFC, Bajaj Finance and Bajaj Finserv were among the top drags on the Nifty 50. They were falling between 2 percent and 3 percent. Adani Ports was the top percentage loser on the Nifty 50 index, falling 6 percent. 

Ahead of its quarterly results, Jaguar Land Rover parent Tata Motors closed down 4.1 per cent down.

The focus was on inflation data due today.  Worldwide sentiment was down as statistics indicated that US inflation jumped substantially in April, fueling fears of aggressive Fed policy tightening and a global economic slowdown.

Indian stock market has recently is fearing of sky-high inflation, a surprise interest rate hike, foreign fund outflows and mixed set of corporate results.

This month, foreign investors have sold Indian equities worth $2.27 billion compared with net buying of $967 million in the same period last month. This was shown by Refinitiv data.

“For Indian markets, inflation and Reserve Bank of India’s unexpected rate increase has created some kind of nervousness,” said Kranthi Bathini, director of equities strategy at WealthMills Securities.

Related posts