Indian indices end lower on Wednesday after Rupee tubled to all-time low - LuvKush Finserve

Benchmark indices ended lower on Wednesday after rupee tumbled to an all-time low of 60 per US dollar raising fears over more outflows in the near term. Foreign Institutional Investors have net sold Rs 105.50 billion in 11 consecutive trading sessions on dashed hopes of rate-cut after currency depreciated nearly 12 per cent in past 2 months. Mirroring the concerns, the Sensex shed 77.03 points at 18,552.12 and the Nifty dropped 20.40 points at 5,588.70 levels.

Month-end dollar demand from importers resulted in the rupee touching a new all-time low on Wednesday against the dollar. The rupee touched a low of Rs 60.62 breaching previous all-time intra-day low of Rs 59.98 hit last week. The currency was trading at 60.59 to a dollar versus Tuesday's close of 59.66/67.

The key sectoral losers included autos, metals, banks, consumer durables, healthcare while power, FMCG rose on the BSE. The gainers included counters such as TCS rising 2.8%, NTPC and GAIL were up 2% and 2.7% respectively, Hero MotoCorp rose 4%, ITC added 1% on the BSE.

Source : Equity Bulls

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