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Indian markets witnessed sharp turmoil as Sensex and Nifty slipped amid heavy selling pressure, while the rupee hit an all-time low against the US dollar. Weak global cues and sell-offs across Asian markets triggered investor anxiety.
Indian Markets in Turmoil Amid Global Sell-Off
Mumbai: The morning of 16 December brought disappointing signs for the Indian stock market. When the market opened on Tuesday, the second trading day of the week, investors faced deep concern rather than relief. Amid mixed global cues, the Indian market opened in the red and witnessed heavy selling within the first few minutes. The Nifty failed to hold the crucial psychological level of 26,000 and slipped below it.
Trading started on a weak note. The BSE Sensex fell 325.76 points in early trading to 84,887.60, representing a decline of about 0.38%. The NSE Nifty also fell 99 points to trade at 25,928.30. The selling pressure in the market was so intense that investors seemed breathless.
Stock Market Today: Sensex sinks 350 pts, Nifty below 26,100; What to watch?
If we look at the market breadth, the decline was quite wide. During the trading session, approximately 1,226 stocks declined, while only 896 stocks traded with gains. 166 stocks remained unchanged. This clearly reflects the weakness in the market and investor caution.
The market situation remained extremely poor from a sectoral perspective. Almost all major Nifty sectoral indices traded in the red. Banking, metal, finance, auto, and realty sectors were under significant pressure, indicating that the decline was not limited to a select few stocks but was widespread across the entire market.
Even large and trusted major stocks were not spared during this selling spree. Heavyweight stocks like Axis Bank, Shriram Finance, Hindalco, Titan Company, and Max Healthcare saw sharp declines. However, some stocks like Apollo Hospitals and State Bank of India (SBI) held firm amid the weak market and were among the gainers.
Indian rupee weakens against dollar; Here’s the latest trend
Along with the stock market, worrying news also emerged from the currency market. The Indian rupee opened at its lowest level ever against the US dollar on Tuesday. The rupee fell to 90.81 per dollar upon market opening, compared to its previous close of 90.75. In early trade, the rupee ranged from 90.75 to 90.8690.
This historic fall in the rupee is being seen as a sign of concern for the country's economy. A weak rupee makes imports more expensive, which can increase inflationary pressure. This has a direct impact, particularly on crude oil, electronics, and other essential imports. Experts believe that global uncertainty and the strengthening of the dollar have increased the pressure on the rupee.
