Indian equity benchmarks declined sharply on Tuesday as foreign portfolio investors (FPIs) turned cautious ahead of the US Federal Reserve's policy decision. The heavy selloff impacted the currency market, too, pushing the rupee to a fresh intraday low of 84.93 against the dollar before the Reserve Bank of India stepped in.
A record trade deficit of nearly $38 billion in November further dampened sentiment, while concerns grew over FPIs reallocating funds from Indian equities to US markets. The Sensex fell 1,064 points, or 1.3 per cent, to close at 80,684, while the broader Nifty 50 index dropped 332 points, or 1.35 per cent, to end the session at 24,336. Both indices saw their biggest single-day losses since November 28.
The market capitalisation of BSE-listed firms declined by ₹4.9 trillion to ₹455 trillion.
This story is from the December 18, 2024 edition of Business Standard.
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This story is from the December 18, 2024 edition of Business Standard.
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