Indian Shares Fall Over 400 points As Rupee Hits Record Low at 72.67

Indian shares recorded a steep fall over 400 points or one per cent during the afternoon session on Monday (10) amid the rupee touched its record low of 72.67 against the dollar breaching psychological mark of 72.50 following weak cues from Asian markets.

India’s benchmark BSE Sensex was seen trading at 38032.19 points, a fall of 357.63 or 0.92 per cent against the previous close as of 13.17 IST. The NSE Nifty 50 index was seen trading at 11,470.85 points, a fall of 118.25 points or 1.02 per cent as of 13.21 IST on Monday (10).

Shares of fast moving consumer goods (FMCG), telecom, consumer durables, finance, oil and gas, realty, power, metals, banks, energy, auto, and utility sectors witnessed heavy selling.

State Bank of India (SBI), IndusInd Bank, Vedanta, Kotak Bank, Sun Pharma, RIL and HDFC recorded a fall up to 2.52 per cent, whereas Wipro, NTPC, Axis Bank and Adani Ports recorded a slight upward movement.

The shares of Axis Bank recorded a steep rise of five per cent just a few days after the lender appointed new CEO and MD, whereas Tata Global Beverages has also witnessed rise as it was seen trading up by 5.5 per cent in its highest intraday gain in nearly 75 days.

Asian market remained weak followed by a negative trend in the international market after US President Donald Trump threatened Beijing that the US will impose tariffs on Chinese imports worth £206.43 billion. However, China has aggressively reacted to the US President’s statement that the US could face the consequences it opts for new tariffs on the imports.