The Sensex and Nifty closed Tuesday’s trade in the negative territory tracking weakness in the Indian rupee, along with higher crude prices and weak Asian markets. Heavy selling pressure in auto, FMCG, PSU banks and realty stocks, too, kept the domestic stock markets under pressure. The Indian rupee on Tuesday plunged to a fresh record low of 74.3538 against the US dollar.
Tata Motors share price plunged nearly 20% to a seven-year low on Tuesday after its wholly owned subsidiary Jaguar Land Rover reported weak sales numbers in September. Tata Motors was the top drag on both the NSE and BSE in today’s trade. On the other hand, NBFC stocks gained today, with DHFL shares emerging as the top mid-cap gainers on the BSE. Adani Ports was the top gainer on the Sensex, followed by HDFC, Vedanta, Tata Steel, Coal India, Yes Bank, Sun Pharma, TCS, LT and Infosys shares.
Asian shares hit 17-month lows on Tuesday as China allowed its currency to slip past a psychological bulwark amid sharp losses in domestic share markets, a shift that pressured other emerging currencies to depreciate to stay competitive.