Stocks Slide as Rupee Hits Record Low Amidst Global Economic Uncertainty

The Sensex and Nifty indices fell nearly 1% as widespread sell-offs and the rupee's historic low contributed to investor unease. Despite positive global markets, sectors including services and utilities suffered significant losses. Foreign investors continue to withdraw capital, impacting Indian market stability.

The Indian stock market indices, Sensex and Nifty, witnessed a substantial decline, ending almost 1% lower. This drop was attributed to a mix of factors, including a persistent sell-off and the rupee plunging to a new low against the US dollar. These developments led to a decline in investor confidence, exacerbated by foreign capital outflows.

Market data revealed that 2,989 stocks decreased while 1,229 advanced, and 143 reported no change on the BSE. Notable declines were observed in heavyweight stocks, particularly Adani Group shares. Meanwhile, a few tech stocks like Infosys and Tata Consultancy Services managed to stay in the green.

The week culminated in a staggering loss of over Rs 16.28 lakh crore in market valuation of BSE-listed firms. Economic experts attribute this downward spiral to several factors, including disappointing corporate earnings, a volatile oil market, and ongoing foreign investor withdrawals. The market remains cautious, bracing for upcoming economic announcements both domestically and internationally.

(With inputs from agencies.)