Sensex Posts Longest Losing Spree In Three Months As FMCG Shares Drag
Closing Bell: Sensex Falls For Fifth Day As FMCG, Bank Shares Drag
India's Sensex fell for a fifth day in a row, posting its longest losing streak since May 21, as losses in FMCG and banking shares outpaced gains in IT stocks.
The S&P BSE Sensex fell 0.4 percent or 155 points to 38,158 and the NSE Nifty 50 index dropped 0.5 percent or 62 points to 11,520.
Seventeen of 19 sector gauges compiled by BSE ended lower led by the S&P BSE Basic Materials index's 2.5 percent drop. On the other hand, the S&P BSE IT index was top gainer, up 1.9 percent.
The mid- and small-cap shares underperformed larger peers as the S&P BSE MidCap index plunged 2.6 percent and the S&P BSE SmallCap index fell 2 percent.
The rupee closed at a record low of Rs 71.57 against the dollar, down 0.5 percent compared to Monday’s close. The rupee has fallen 2 percent in the last five days alone. This is, however, not out of line with peer currencies like the Indonesian rupiah, which has also seen a 2 percent depreciation.
Rupee Will Calm Down On Its Own, Says Government Official
- Government unlikely to cut excise duty on petrol, diesel
- Current account deficit to widen on external factors
- Government cannot let fiscal deficit breach target
Source: Government official to Bloomberg
Will Look To Capitalise On Promising Inorganic Opportunities: Kotak Mahindra Bank
The bank will look forward to capitalise on promising inorganic opportunities, including acquisition and resolution of stressed assets; and additional avenues of organic growth through digital expansion, domestic lending, international lending and investments, for growth of the bank and its subsidiaries, Kotak Mahindra Bank said in an exchange filing.
Kotak Mahindra Bank fell as much as 1.4 percent to Rs 1,251.05.
Rupee Weakens Past 71.40 Per Dollar
- Rupee hits fresh record low of 71.42 against the dollar after Brent crude jumped above $79 per barrel.