The domestic benchmark indices suffered heavy losses on Thursday amid a selloff in global equities, reported Mint. The BSE Sensex crashed 806.47 points, or 2.24%, while the National Stock Exchange Nifty fell 259 points or 2.39%, to close at 10,599.25. Shares of oil marketing companies declined after Finance Minister Arun Jaitley announced a Rs 2.50 per litre cut in fuel prices, and asked the firms to Rs 1 of this cut.
ICICI Bank and Axis Bank were the top two gainers on both indices. Other stocks that gained the most on the Sensex were Larsen, Yes Bank and Power Grid Corporation. Shares of UltraTech Cement, Bharti Infratel and Yes Bank performed the best on the Nifty.
The biggest loser on the Sensex was Reliance Industries. Other top losers were Hero Motocorp, Tata Consultancy Services, Adani Ports and Oil and Natural Gas Corporation. On the Nifty, the stocks of Hindustan Petroleum Corporation Ltd, Bharat Petroleum Corporation Ltd, Indian Oil Corporation, Reliance Industries and Eicher Motors declined the most.
The rupee on Thursday plunged to a new low of 73.77, declining 43 paise against the United States dollar after opening at 73.67, reported PTI. By 5 pm, the rupee had recovered slightly to close at 73.57.
A day earlier, the currency had partially recovered after hitting a lifetime low of 73.42 against the dollar in morning trade.
Rahul Gandhi mocks Centre
Meanwhile, Congress President Rahul Gandhi mocked the government over the decline in the rupee. “#Breaking. Rupee slips to 73.77,” Gandhi tweeted. “It’s not breaking – it’s broken.”
“The rupee has gone past 73, inflation is creating havoc,” the Congress leader had said on Wednesday. “Oil and fuel [prices] are on fire, the markets are in chaos. “Oh, you with the 56-inch chest [Prime Minister Narendra Modi], how long will you be in silent mode? When will the achche din code work?”