Stock markets slide with the Rupee and weak Asian markets

• Indian markets opened on a negative note tracking Asian markets.
• Sensex was trading 245 points lower at 57,979 while Nifty50 was down by 70 points at 17,261.
• Rupee fell to new lows at 82.35 per dollar today.
• Most sectoral indices were in the red with banks, metals and FMCG falling the most.

Indian markets opened on a negative note on Friday mirroring losses in the Asian markets and a weakening Rupee.

Sensex was trading 245 points lower at 57,979 while Nifty50 was down by 70 points at 17,261. The stock markets ended in the green for the last two trading sessions, which was broken today.

Rupee fell to a new all-time low of 82.35 per dollar today on the back of monetary policy tightening by central banks and rising crude oil prices.

Crude oil prices continue to rise with Brent crude oil price at $94.32 per barrel. OPEC went for a large supply cut of about 2 million barrels per day — its largest reduction since Covid pandemic 2020.

Most sectoral indices were in the red with banks, metals and FMCG falling the most. Inflation concerns as flagged off by Dabur on Thursday impacted the investor sentiment. The consumer goods major said that soaring inflation during the second quarter could impact its operating margins.

Indices like Nifty Auto, Nifty IT recovered some of the early losses, and were trading flat.

Titan was the largest gainer on the 50-stock index as it reported 18% sales growth in Q2FY23 with addition of 105 stores during the quarter. The company saw healthy double-digit growth across most businesses.


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