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Weak rupee subdues Indian equity indices
September 05, 2018
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MUMBAI: High crude oil prices and negative global cues pulled the Indian rupee to a new record low of 71.43 per US dollar in the late on Tuesday afternoon.

The Indian rupee which opened at 71.24 per US dollar surpassing the previous low of 71.37 per dollar, which it had touched around 9.15 am on Tuesday.

Around 2.45 pm, the Indian rupee crossed the 71.43 per US dollar mark − the lowest ever mark − against the greenback at the Inter-Bank Foreign Exchange Market.

The slump in the Indian rupee rupee along with broadly negative global cues subdued the key Indian equity indices on Tuesday afternoon. The trade has been largely choppy after the indices opened on a positive note.

According to market observers, heavy selling pressure was witnessed in consumer durables, banking and FMCG stocks so far.

At 1.42 pm, the Nifty50 on the National Stock Exchange traded at 11,554.80 points, lower by 27.55 or 0.24 per cent from its previous close.

The S&P BSE Sensex which had opened 38,460.96 points, traded at 38,272.56 points, lower by 39.96 points or 0.10 per cent from its previous close of 38,312.52 points.

So far, it has touched a high of 38,518.56 points and a low of 38,189.80 points. In a major stock-wise development, market capitalisation (m-cap) of Tata Consultancy Services (TCS) crossed Rs 8 lakh crore for the first time. It is the second company to reach the landmark level after Reliance Industries.

Around 1.42 pm, the m-cap of TCS touched was at Rs 8.03 lakh crore on the BSE. Share price of TCS on the BSE Sensex was at Rs 2,098, higher by Rs 43.05 or 2.09 per cent from its previous close.

The major gainers on the Sensex were Infosys, TCS, Wipro, Reliance Industries and Axis Bank, while Hindustan Unilever, Asian Paints, Coal India, IndusInd Bank, Vedanta and Adani Ports lost the most.

The rupee falling to a new low of 71.37 per dollar on Tuesday weighed down the investor sentiments, analysts said.

According to them, heavy selling was witnessed in banking, FMCG and metal stocks.

At 9.44 am, the Nifty50 on the National Stock Exchange traded at 11,548.55 points, lower by 33.80 or 0.29 per cent from its previous close.

The S&P BSE Sensex which had opened 38,460.96 points, traded at 38,224.57 points, lower by 87.95 points or 0.23 per cent from its previous close of 38,312.52 points.

So, far it touched a high of 38,518.56 points and a low of 38,189.80 points.

Indo-Asian News Service

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