Sensex closes 953 points lower with double whammy from inflation and recession, Rupee hits record low

Stocks across sectors failed to perform except IT firms, as Sensex closed 953 points lower, after its losing streak entered the fourth day. Global market sentiment remained chaotic amidst speculation about fast inflation and the impending recession which will come after continuous rate hikes on the horizon. Nifty took a hit of 1.8 per cent to end the day marginally above 17,000 with no signs of a turnaround.

Big names in the auto sector and Adani’s stocks hit

Top auto players such as Tata Motors and Maruti Suzuki were lagging behind, while Adani Ports was also dampened by turbulent waters of the market. The sell off by foreign institutional investors continued to hurt the indices, as global markets were close to their worst levels since the peak of the pandemic in 2020.

Finance minister’s silver lining for Rupee remains elusive

European markets slipped again and Asian counterparts remained subdued, with Japanese stocks falling amid an intervention by authorities to stem the Yen’s downfall. On the currency front, the Indian Rupee tumbled to new lows, hitting 81.62 to clock its worst close ever. This decline comes despite Finance Minister Nirmala Sitharaman’s assurance that Rupee is doing better than other currencies against the US dollar.