Pedestrians are reflected in an electronic stock board in Tokyo, Japan. (Photographer: Tomohiro Ohsumi/Bloomberg News)

Sensex, Nifty Halt Record Gaining Streak; Rupee Weakens

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Indian shares ended their record closing streak, with the rupee poised for its biggest drop since mid-November, as concerns over President Donald Trump’s administration sapped investor’s risk appetite.

"Markets were looking tired as there were no fresh triggers to support the trend. We could see a correction of 300 to 400 points on the Nifty in the short term," said Yogesh Nagaonkar, fund manager at Bonanza Portfolio.

“9,000 levels would be the right time to deploy money," said Nagaonkar.

The S&P BSE Sensex fell 0.73 percent at 30,434 while the NSE Nifty declined 1.01 percent to 9,429. Both the indexes snapped three sessions of gains.

Among the sectoral indices, S&P BSE Realty fell 3.1 percent while the S&P BSE Metal shed 2.8 percent.

The market breadth was skewed in the favour of losers, with about 7 stocks declining to every 2 stocks that advanced.

Rupee Weakens Against Dollar

The rupee slid as much as 1.1 percent to 64.89 against the U.S. dollar, its lowest since April 2017, compared to previous close of 64.15. Currency was now down 0.8 percent at 64.67.

There have been some outflows from foreign investors, said a forex trader adding that a bulk of the market reaction was in response to what happened overnight in the U.S. markets.

There is a reasonably risk-off sentiment, which could lead to a further correction in the currency, trader with private bank said.

 Sensex, Nifty Halt Record Gaining Streak; Rupee Weakens

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