Nifty, Sensex Extend Falls To Near 8-Week Closing Low; HDFC Top Drag
Amid rupee hovering near its record low levels and financial indices such as HDFC dragging markets, BSE Sensex and Nifty closed to their lowest close since late July
Photo Credit : PTI
Indian shares gave up early gains to close lower today, declining for a third straight session to their lowest close since late July, dragged by financials such as HDFC Bank Ltd and Housing Development Finance Corp as the rupee hovering near its record low spooked investors.
Benchmark Sensex extended losses for the third straight session, falling 169 points to end at a near two-month low of 37,121.22. The broader Nifty fell 0.39 percent to 11,234.35, while the benchmark Sensex declined 0.45 percent to 37,121.22.
HDFC Bank was the top drag on the Nifty, losing 1.4 percent. Housing Development Finance fell 1.4 percent. The rupee was last at 72.84 per dollar, after strengthening 0.7 percent to 72.4875 earlier in the session. It closed at 72.9750 per dollar in the previous session after hitting a life low of 72.99.
Stocks saw a positive start as the Sensex touched a high of 37,530.63 intra-day in tune with the rupee recovering from its record low. However, the index turned weak in late-afternoon trade and closed lower by 169.45 points, or 0.45 per cent, at 37,121.22. This is its lowest closing since July 26 when it had finished at 36,984.64.
The 30-scrip gauge had lost about 800 points in the previous two sessions, largely dragged down by rupee woes, unabated foreign fund outflows and escalating trade tensions between the US and China.
Overall sentiment remained cautious amid the US-China trade conflict and surging crude oil prices, brokers said. There were no signs of change in trading preference of foreign portfolio investors who net sold shares worth Rs 1,143.73 crore Tuesday. Domestic institutional investors (DIIs) picked up equities worth a net Rs 264.66 crore, according to provisional data.