Indian stock markets (Sensex and Nifty) ended in the deep red on Monday on the widening of India’s current account deficit, renewed US-China trade war and rupee crashing to a record low of 72.67 with Sensex plummeting 467 points and Nifty finishing below 11,450. During the day, Sensex touched a low of 37882.83, down 507 points and Nifty bottomed to a low of 11,427.30, down 161.8 points. At the time of stock market closing, the Indian rupee recovered partly from the all-time low of 72.67 and was trading at 72.3938, down 65 paise or 0.91% against USD.
According to the data available at Bloomberg, the rupee has touched a fresh lifetime low of 72.6738, down 93 paise or 1.3% from the Friday’s closing of 71.7388 per unit US dollar, earlier on Monday. Axis Bank shares (up 1% at Rs 651.55) were the only notable gainers among the constituents of Sensex on Monday after India’s third-largest private sector lender on Saturday said that the Reserve Bank of India (RBI) has approved the appointment of Amitabh Chaudhry as the Managing Director & CEO of the Axis Bank, for a period of 3 years, with effect from 1st January 2019 up to 31st December 2021.
Indian equities extended loss after opening slightly lower on Monday. The domestic markets traded cautiously on Monday on the fresh worries over US-China trade tariff war after US President Donald Trump intimidated tariffs on further $267 billion worth of Chinese goods on Friday last week and IIP and inflation data due later on the week and battered sentiments after India’s CAD widened to $15.8 billion in June quarter.