MUMBAI: Foreign portfolio investors (FPIs) dumped stocks on Tuesday as the rupee touched a new life low, a day after shock data on India's trade deficit in November. The market fall, a day ahead of an expected interest rate cut in the US, also comes at a time of increased supply through initial public offers.
On Tuesday, in addition to cash sales, FPIs raised bearish bets on Indian derivatives. Trade data showed markets are in oversold territory, with chances of volatility increasing. BSE data showed FPIs net sold Indian shares worth a provisional ₹6,409.86 crore as the rupee plunged to a new low of 84.93, before recovering to close down three paise at 84.90. Though local institutions net purchased a provisional ₹2,706.48 crore, that was not enough to prevent the Nifty and Sensex from falling the most in nearly three weeks. While the Nifty tanked 1.35% to 24,336, the Sensex shed 1.3% to close at 80684.45.
Data released on Monday showed India's goods trade deficit in November shot up to nearly $38 billion, an all-time high, as imports rose and exports fell.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
India's economy grew 66% in 10 yrs: PM
Prime Minister Narendra Modi said on Wednesday that India's economy grew 66% over the last decade, citing a February report from the International Monetary Fund (IMF).
BSE, NSE rivalry heats up in battle of options
The rivalry between India's two stock exchanges is set to intensify, with the National Stock Exchange (NSE) shifting the expiry day for its weekly Nifty options contract to Monday from Thursday, starting April 4.
Agri Minister's Conviction in 1995 Cheating Case Stayed
The Nashik sessions court on Wednesday stayed state agriculture minister Manikrao Kokate's conviction in a 1995 cheating and forgery case, removing the necessity of his removal as a member of the legislative assembly, for now.
State-wise common civil codes contradict UCC idea
After Uttarakhand promulgated a Uniform Civil Code (UCC), a few other BJP-ruled states decided to follow suit.
'No basis for FIR over encounter of accused'
The state government on Wednesday informed the Bombay high court that no basis had been found yet to register a first information report (FIR) against five policemen involved in the encounter killing of Akshay Shinde, who allegedly sexually assaulted two kindergarten girls in a school in Badlapur East in August 2024.
HC Clears Adani Firm's Jetty Project Near Alibag
The Bombay High Court (HC) on Wednesday granted permission to Adani Cementation Limited to proceed with the construction of a jetty and conveyor corridor near Alibag to facilitate cement transportation via waterways.
Hasan Mushrif Steps Down As Guardian Minister Of Washim
NCP minister Hasan Mushrif has resigned from the post of guardian minister of Washim district in Vidarbha after conveying to the party leadership that he was not able to devote time to his own constituency, Kagal, which is over 600 km away in Kolhapur.
After Munde, Oppn targets another min
GORE CALLED IT A POLITICAL CONSPIRACY TO BESMIRCH THE MAHAYUTI
Trump's 5 Bets in US Congress Speech
Donald Trump's first address in his second term to the joint session of the US Congress on Tuesday confirmed he is making five big bets straddling politics, foreign policy and the economy.
State Keen on Vantara-like Project, Writes to Ambani
The state government will request the central government to allow industrialists to open animal rescue and rehabilitation centres in the state, along the lines of Vantara in Gujarat,
