Sensex, Nifty End Deep In Red; IT Stocks Gain On Rupee Weakness
Indian shares fell for a fourth consecutive session on Monday and the rupee hit a record low for a third straight session, as investors fretted about faster inflation, aggressive central bank action and a possible global recession.
The benchmark S&P BSE Sensex plunged 953.70 points, or 1.64 percent, to 57,145.22, while the broader NSE Nifty index settled down 311.05 points, or 1.80 percent, at 17,016.30.
Eicher Motors, Maruti Suzuki India, Hindalco, Tata Motors and Adani Ports tumbled 5-6 percent in the Nifty pack, while IT stocks such as TCS, Infosys and HCL Technologies rose between 0.6 percent and 1.4 percent on the back of a weakening rupee, which crashed to a new record low of 81.52 against the greenback earlier in the day.
Asian Paints rose over 1 percent as oil prices continued to fall on demand worries. Paint is manufactured using a significant amount of petroleum-based raw materials.
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