Sensex opens in the red by shedding 150 points, Rupee's freefall continues

Banking stocks were the only green shoot as all other sectors slipped into the red zone, as foreign investors dumped more Indian equities.

FPJ Web DeskUpdated: Monday, October 17, 2022, 10:01 AM IST
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The Rupee was hit as money flowing back to US for higher interest made the dollar stronger\Representative image | File photo

As the US Federal reserve is expected to continue its aggressive interest rate hikes, Sensex opened in the red by shedding 150 points this morning. Nifty also dropped to 17,151 points to the start the day, as weak global cues persisted amid market volatility. Banking was the only green spot while stocks for the rest of the sectors declined, with metals being hit the worst.

Big names such as Tata Steel, Reliance Industries and JSW Steel have slipped into the red zone, while Adani Ports and Bajaj Auto made gains. Consumers in the US are reportedly expecting high inflation for a while now, which means that interest rates will go up further. An inflow of capital towards the US for better returns and safety from global recession, is making the US dollar stronger against other global currencies.

The fallout has left the Rupee in a freefall, as it shed another 19 paise at the start of the day, to open at 82.38 against the dollar. Oil prices on other hand went up to $92.17 per barrel for Brent crude. Indian indices are also hit because of US interest rates, since foreign investors have taken Rs 7500 crore out of the markets in the first half of October.

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