Sensex, Nifty Slump Again as Rupee Lows Hit; Rs 16 Lakh Cr Vanishes
Sensex, Nifty Slump Again as Rupee Lows Hit; Rs 16 Lakh Cr Vanishes
Markets extend slide as IT and realty drag, dragging key indices lower and wiping out about Rs 16 lakh crore in four days.
Indian benchmark indices extended their selling pressure for a fourth straight session, with the Sensex and Nifty slipping further and wiping out about Rs 16 lakh crore in market value over four days. The biggest drags were HDFC Bank, Reliance Industries, ICICI Bank, Infosys and Larsen & Toubro.
Among sectoral indices, the BSE IT index fell 3.67% to 27,485.96, while the BSE Consumer Durables index dropped 3.35% to 56,329.29. The rupee weakened to record lows as crude prices rose amid rising tensions in West Asia and persistent FII outflows, keeping sentiment weak. IT stocks faced renewed concerns about AI based pricing pressure and disruption following new enterprise adoption.
Tech and other heavyweights led the losses; as long as the Nifty stays below the 23,550 mark, the bearish tendency could persist with potential downside toward 23,200 and possibly 23,050 if the 23530-23550 zone remains a resistance.
In yesterday's trade, the Sensex closed at 76,015.28, down 1,312.91 points (1.70%), and the Nifty ended at 23,815.85, down 360.30 points (1.49%). Investors are watching global cues and domestic flows; the near term might be choppy until a clearer direction emerges.
