Rising global inflation ignites market sell-off, rupee slides

Sector-wise, Nifty Realty was the top loser, shedding 2.3 per cent, whereas Nifty Auto, Nifty Metal, and Nifty PSU Bank ended lower by 1 per cent each.

US inflation, global inflation, benchmark indices, Nifty Auto, Nifty Metal, and Nifty PSU Bank, Nifty Realty, stock market

. The Nifty Metal index was the only sector ending in the green in an otherwise volatile session. (File)

The benchmark indices declined on Thursday, taking cues from global peers as US inflation data hit a 30-year high on Wednesday, amid volatility due to the weekly expiry of F&O contracts. The Sensex slipped below 60,000, closing at 59,919.69, down 433.13 points. The Nifty gave up 18,000 levels, closing 143.60 points lower at 17,873.60.

Sustained selling from foreign institutional investors (FIIs) amid expectations of a hike in interest rates also kept the markets in check.

Sector-wise, Nifty Realty was the top loser, shedding 2.3 per cent, whereas Nifty Auto, Nifty Metal, and Nifty PSU Bank ended lower by 1 per cent each. The Nifty Metal index was the only sector ending in the green in an otherwise volatile session.

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The BSE mid-cap and BSE small-cap indices ended 0.6 per cent and 0.5 per cent lower, respectively.

Meanwhile, as per a PTI report, the rupee fell 18 paise to end at 74.52 against the US dollar on Thursday, as heavy selling pressure in equities and a strong greenback weighed.

Gold in the Capital jumped Rs 883 to Rs 48,218 per 10 gram in line with the firm global trends, as per HDFC Securities. Silver also rallied Rs 1,890 to Rs 65,190 per kilogram.

Global gold rose to near a five-month high, after high US pushed investors towards the safety of the precious metal. Spot gold rose 0.6 per cent to $1,861.46 per ounce by 1548 GMT, as per a Reuters report. with agencies

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On Govt table: How to help exporters not lose market share due to 50% US tariff

Business1 hr ago

The Indian government is implementing strategies to protect its market share from the impact of high US tariffs. This includes providing support to exporters through subsidies, loans, and credit guarantees, as well as helping them access domestic buyers. However, India's export growth to US is lower compared to its competitors, and the situation may worsen with additional tariffs on Russian oil.

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