D-Street continues to be volatile amid weak rupee, high crude prices; Nifty around 11,500

Selloff in banks, FMCG, metals as well as names in the midcaps space are weighing on indices. Higher crude oil prices as well as a bearish rupee continue to spook investors.

After witnessing a positive opening, the rupee has resumed its downward momentum, and hit a fresh record low 71.72.

The currency had opened higher by 18 paise at 71.40 per dollar against its previous close 71.58. It plunged 37 paise to end at a record low of 71.58 on Tuesday.

“The rupee continues to make a new record low on account of crisis in the emerging market currencies.

Further consistent rise in the crude oil prices and dollar index has kept sentiments bearish. There are talks of rupee moving towards 72-73 levels hence there is lot of speculative dollar buying in the market which is driving the currency lower every day,” Rushabh Maru - Research Analyst at Anand Rathi Shares and Stock Brokers said in a statement.

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Source:https://www.moneycontrol.com/news/business/markets/market-live-d-street-continues-to-be-volatile-amid-weak-rupee-high-crude-prices-nifty-around-11500-2917841.html

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Choppiness seen on D-Street! Sensex recovers after sharp fall, Nifty around 11,550

The Nifty is trading around 11,550 now, even as weak rupee and high crude oil prices are weighing on other sectoral indices. The rupee’s record low moves are boosting stocks in the IT space, with the Nifty IT index surging 2 percent now.

There is some choppiness visible in the market, as they are currently off their low points again. The Nifty is trading around 11,550 now, even as weak rupee and high crude oil prices are weighing on other sectoral indices. The rupee’s record low moves are boosting stocks in the IT space, with the Nifty IT index surging 2 percent now.

HDFC twins, Reliance Industries, Infosys and TCS are fighting it out for the bulls. ITC, Kotak Mahindra Bank and HUL are a drag on the indices.

The Sensex is up 49.09 points or 0.13% at 38361.61, while the Nifty is down 1.20 points or 0.01% at 11581.20. The market breadth is negative as 734 shares advanced, against a decline of 1,282 shares, while 95 shares are unchanged.

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Source: https://www.moneycontrol.com/news/business/markets/market-live-choppiness-seen-on-d-street-sensex-recovers-after-sharp-fall-nifty-around-11550-2913301.html