Rupee Plummets as Sensex and Nifty Tumble Amid Global Market Pressure

The Sensex and Nifty indices fell by nearly 1% due to widespread sell-off, the rupee's record low, and foreign capital outflows. Despite a promising global market, domestic challenges and investor concerns linked to inflation, crude oil prices, and earnings visibility have impacted Indian equity markets significantly.

On Friday, India's key equity indices, Sensex and Nifty, continued their downward spiral, each dropping nearly 1% amid a severe sell-off. This decline erased approximately Rs 7 lakh crore from investors' wealth, as the rupee hit a historic low against the US dollar.

Market participants rushed to safer assets as foreign capital continued to flow out in the absence of domestic triggers, dampening investor confidence. The 30-share BSE Sensex fell by 769.67 points to close at 81,537.70, while the NSE Nifty dropped 241.25 points, settling at 25,048.65.

The market was further pressured by concerns over inflation, surging crude oil prices, and disappointing earnings from some heavyweights like ICICI Bank and HCL Technologies. These issues, coupled with relentless foreign fund outflows, cast a shadow over investor sentiment, overshadowing positive global market trends.

(With inputs from agencies.)