Sensex dips 6th day in row, ₹ ends 6 paise short of 82/$
Sliding for the sixth consecutive session, sensex ended 509 points down at 56,598 on Wednesday as foreign funds continued their selling spree and the rupee continued to weaken against the dollar. On the NSE, the Nifty lost 149 points to close at 16,859. With the RBI monetary policy meeting scheduled for Friday, local investors are also keeping their fingers crossed and hoping for some market-friendly steps.
The rupee closed at a new life low of 81.94 against the dollar after nearing 82 level in intraday trades. The domestic currency had closed at 81.58 on Tuesday. The dollar continued its surge against most currencies with the yield on the 10-year US treasury bond hitting a 12-year high above 4%.
Dealers said that the rupee depreciation on Wednesday was less than other major currencies including the Korean won, the Chinese yuan and Indonesian rupiah, which were down by over 1% each. The dollar index, which reflects the greenback’s gain against six major currencies, rose to a new 20-year high of 114.8.
On Dalal Street, since September 20 the sensex has lost 3,120 points as foreign funds have stepped up selling. During this period, foreign portfolio investors (FPIs) have net sold stocks worth Rs 15,560 crore. As a result, the monthly flows have again turned negative for September to Rs 1,654 crore after recording net inflows in July and August, data from CDSL and BSE showed.
The recent spate of selling on Dalal Street came on the back of investors globally shifting to a risk-off mode following US Federal Reserve‘s decision to aggressively raise rates in the future to tame inflation, even if that comes at the cost of growth and employment.
According to Geojit Financial Services head (research) Vinod Nair, investors continued to be sceptical of the domestic market’s higher premium amid the ongoing global deceleration, while foreign investors are fleeing emerging economies in search of safer havens. “Although the domestic economy is buoyed by solid fundamentals, the stock market’s appetite for risk has been hindered by the rising worries of a worldwide recession,” Nair said.
The day’s session left investors poorer by Rs 1.7 lakh crore, while in the last six sessions total wealth erosion has been Rs 15 lakh crore with the BSE’s market capitalisation now at Rs 271.3 lakh crore.
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