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Published on 12/07/2022 3:14:19 P | Source: ANI

Indian equity indices extend losses, rupee hits fresh low

Posted in Business Videos| #Business

New Delhi : Indian stock indices extended their losses from the previous session to trade marginally in the red on Tuesday morning. This is the second-day decline on a trot. At 9.25 a.m., Sensex was at 54,174.64 points, down 220.59 points or 0.41 per cent, whereas Nifty was at 16,133.05 points, down 82.95 points or 0.51 per cent. "The dominant factor influencing markets - equity, bond, currency and many commodities - is the sustained rise in the dollar which has gained momentum during the last one month," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. In India, Tata Consultancy Services' first-quarter results indicated margin pressure for the IT industry, which weakened IT index, Vijayakumar added. "The most resilient segment in the market now is Bank Nifty and the leading stock is ICICI Bank. This resilience of the banking segment is likely to continue. Autos, capital goods and some segments of FMCG also are on strong wicket," Vijayakumar further said. Consistent weakness in the Indian rupee and selling of equities by foreign portfolio investors also weighed on the domestic stocks. On Tuesday morning, the rupee hit yet another fresh record low of 79.59 per US dollar, data showed.