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Tuesday, May 24, 2022

Sensex falls 2%, Rupee at record low

The benchmark Sensex dove 1,158 points to 52,930.31 and the NSE Nifty by 359 points at 15,808.00 as the broad sell-off, led by foreign investors, hit sentiment.

By: ENS Economic Bureau | Mumbai |
Updated: May 13, 2022 4:59:53 am
stock markets, Sensex, equity schemes, Passive funds, India news, Indian express, Indian express news, current affairsThe rupee, meanwhile, fell to a record low for a second time this week, hitting 77.63 against the dollar in intra-day trade. The currency, however, made a partial recovery to settle at 77.50. (Express archive photo)

Domestic stock markets on Thursday plummeted 2.2 per cent as fears over high inflation and the possibility of further hikes in interest rates made investors nervous, leading to selling pressure.

The benchmark Sensex dove 1,158 points to 52,930.31 and the NSE Nifty by 359 points at 15,808.00 as the broad sell-off, led by foreign investors, hit sentiment.

The rupee, meanwhile, fell to a record low for a second time this week, hitting 77.63 against the dollar in intra-day trade. The currency, however, made a partial recovery to settle at 77.50.

With Thursday’s fall, the Sensex has fallen 2,772 points in the last six sessions as global markets were worried about rising inflation numbers and interest rates. Banking, financial, power, utilities and metal stocks led the sell-off.

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Foreign portfolio investors (FPIs) pulled out Rs 5,255 crore on Thursday, taking the total FPI outflows in May to Rs 28,921 crore. However, domestic institutional investors pumped Rs 4,815 crore into stocks, with net investments in May so far at Rs 23,565 crore.

Consumer Price Index (CPI)-based inflation in April was at 7.79 per cent against 6.95 per cent in March and 4.21 per cent in the year-ago month, official data showed Thursday.

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