Indian Stock Market slides as Rupee hits record low against Dollar; Investors turn cautious

Indian equity markets opened lower on January 29 as weak global cues and a sharp fall in the rupee dented investor sentiment. The Sensex dropped over 250 points while the Nifty slipped below 25,300.

Post Published By: Sona Saini

Updated : 29 January 2026, 9:56 AM IST

Sensex, Nifty Open Lower Amid Weak Rupee and Mixed Global Cues

Mumbai: The Indian stock market witnessed a sharp decline on January 29. The BSE Sensex opened at 82,094.23, down 250.45 points in morning trading, while the NSE Nifty fell 60.80 points to 25,281.95. Global cues had a mixed impact on the market, while the rupee's weakness against the US dollar also dampened investor sentiment.

Rupee Weakness Increases Concerns

In early trading today, the rupee touched a new record low of 91.99 against the dollar and traded above 92. Previously, the rupee had closed at 91.79. This weakening rupee impacted foreign investor sentiment and increased selling pressure in the market.

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Stock Movement: Mixed Trend of Ups and Downs

In today's session, approximately 1,334 stocks opened with gains, while 1,070 stocks declined. Meanwhile, 166 stocks remained unchanged. L&T, Hindalco, ONGC, Coal India, and JSW Steel emerged as major gainers on the Nifty index. Maruti Suzuki, Dr. Reddy's Labs, Titan Company, Asian Paints, and InterGlobe Aviation (IndiGo) were among the losers.

Why are investors cautious?

According to experts, mixed signals from global markets, the strengthening of the dollar, and the weakening of the rupee forced investors to remain cautious. Furthermore, uncertainty in foreign markets and fluctuations in crude oil prices are also putting pressure on the domestic market.

These stocks were under close watch

Rail Vikas Nigam (RVNL):
The Rail Vikas Nigam–GPT joint venture has submitted the lowest bid for a major project worth ₹1,201.35 crore for Northern Railway. Under this project, 11 new rail-cum-road bridges will be built over the Ganga River near Varanasi. These will include four railway tracks and a six-lane road deck.

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Wipro:
IT company Wipro has partnered with Factory to promote AI-powered agent-native development in the enterprise sector. Wipro Ventures also invested in Factory's recent funding round.

Vedanta and Hindustan Zinc:
Vedanta has exercised its option to up to 14 million additional shares in Hindustan Zinc's Offer-for-Sale (OFS). This has increased the total offer size to 47.5 million shares.

Union Bank of India:
Union Bank of India has appointed Dhirendra Jain as its new Chief Financial Officer (CFO). He will take charge on February 1, while current CFO Avinash Vasant Prabhu will step down on January 31.