The Bombay Stock Exchange Sensex closed 385.10 points lower at 25,765 points, dipping below its crucial 26,000 mark, while the National Stock Exchange Nifty plunged to 7,929 points, its lowest since June. The decline was a result of heavy selling pressure and mixed Asian cues, Mint reported. The sectors that led the sell-off momentum during the day’s trade included realty, banking, auto, healthcare, capital goods, consumer durables, metal and power, among a few others.
Moreover, the value of the rupee dropped to 68.27 against the United States dollar as a result of an increased demand for the American currency, decline in domestic equities and a bullish dollar overseas, according to The Hindu. Analysts have predicted a volatile Indian market during the next two weeks. Managing Director of Taurus Asset Management RK Gupta said, “It won’t be surprising to see the Nifty fall to the 7,700 level.”
The India Volatility Index, which monitors the country’s short-term expectation of volatility, also spiked by 8% to 19.5975.
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