The Indian rupee on Monday collapsed to a new lifetime low of 71.12 in intra-day trade against the United States dollar. The rupee started on a positive note in the morning trade, opening 19 paise higher at 70.80 per dollar against Friday’s record low close of 71.
The slump followed robust economic growth data released by the Indian government after market hours on Friday. India’s Gross Domestic Product grew 8.2% during the April-June quarter as compared to the same quarter a year ago, the data showed. This is the highest economic growth for a quarter recorded since the 9.3% growth in January-March 2016.
The stock market indices opened the day with a rise of over 0.4% but soon reversed the gains. The BSE Sensex closed 332.55 points lower at 38,312, while the National Stock Exchange Nifty closed at 11,582.35 points – 98 points lower. Sensex posted its fourth straight session fall as a result of widespread selling in FMCG, realty and bank stocks.
On the Sensex, the stocks that gained the most were Wipro, Bajaj Auto, HDFC Bank, Sun Pharma and Coal India. The shares of Hindustan Unilever, Power Grid Corporation, Axis Bank, ICICI Bank and ITC declined the most.
The top gainers on Nifty 50 were Dr Reddy’s, Idea Cellular, Eicher Motors, Wipro and Titan Company. The stocks that declined the most were Bajaj Finance, Hindustan Unilever Limited, Power Grid Corporation, Axis Bank and Tech Mahindra.
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