• Source:JND
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Stock Market:  The domestic stock indices suffered a huge loss on Wednesday following heavy selling across the sectors. Sensex, the index of top 30 shares on BSE closed at 77,690.95, falling 984.23 points or 1.25%, while Nifty 50, the index of top 50 shares on NSE, settled at 23,559.05, down 324.40 points or 1.36%.  

Weak quarterly earnings, selling in key stocks such as HDFC Bank and Reliance Industries, as well as weak trends in the US and Asian markets also weighed on market sentiment. Retail inflation rose to a 14-month high of 6.21% in October, while foreign fund outflows continued unabated has a role in today's market crash. 

In the 30-share Sensex pack, Tata Steel, Adani Ports, Mahindra & Mahindra, IndusInd Bank, JSW Steel, HDFC Bank, Reliance Industries and Kotak Mahindra Bank were the top losers. Tata Motors, Asian Paints, Hindustan Unilever, NTPC and Infosys gained.

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Latest data showed that retail inflation breached the Reserve Bank's upper tolerance level, rising to a 14-month high of 6.21% in October, mainly due to rising food prices. Foreign institutional investors (FIIs) sold shares worth Rs 3,024.31 crore on Tuesday, according to exchange data.

In Asian markets, Seoul, Tokyo and Hong Kong declined, while Shanghai gained. European markets were up. US markets closed in the negative zone on Tuesday. Global oil benchmark Brent crude rose 0.93% to $72.56 a barrel. On Tuesday, the BSE benchmark closed 820.97 points or 1.03% lower at 78,675.18. The Nifty closed 257.85 points or 1.07% lower at 23,883.45.

Rupee closes lower

The rupee on Wednesday moved in a narrow range and closed 1 paisa higher at 84.38 (provisional) as continued outflows of foreign funds and sluggish trend in domestic equities put pressure on the local currency. The rupee opened at 84.40 against the US dollar at the interbank foreign exchange market.

During the session, the local currency touched a high of 84.37. It finally closed at 84.38 (provisional), up 1 paisa from its previous close. On Tuesday, the rupee fell 1 paisa to a new all-time low of 84.39 against the US dollar.

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(With Agencies Inputs)

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