INSUBCONTINENT EXCLUSIVE:
Stock markets extended losses to yet another day amid fund outflow-related concerns
BSE benchmark index Sensex fell 154 points to close at 38,157 on Tuesday, while the NSE Nifty declined 62 points to settle at 11,520
Weakness prevailed across sectors except IT, which took support from the rupee's plunge to life-time lows
Top laggards on the 50-scrip Nifty index included State Bank of India, Indiabulls Housing Finance, Grasim Industries, Asian Paints,
UltraTech Cement and Titan Company, closing between 3.3 per cent and 4.1 per cent lower.Economic Affairs Secretary Subhash Chandra Garg said
overseas investors of Indian origin are allowed to buy up to 5 per cent in any security under current regulation
regulator Sebi, which indicated tightening of foreign investment rules for companies of Indian origin.Overall breadth of the markets was
be allowed to invest as well as manage foreign funds
Markets regulator Sebi had on Monday directed such funds to close or the ownership structure changed by December 31, 2018.The rupee declined
to a fresh all-time low of 71.54 against the US dollar per dollar on Tuesday, cementing its position as Asia's worst performing currency
At this level, the rupee has depreciated more than 10 per cent so far this calendar year.Rupee depreciation boosts profitability of
exporters such as IT companies
The Nifty IT - an NSE sectoral index comprising technology stocks - finished the day with a gain of 2.1 per cent
Tata Consultancy Services, Infosys, Wipro and Tech Mahindra rose around 2-3 per cent.Infosys hit a fresh 52-week high as the shares traded
Industries.Fund outflows continued to pressurise the markets.Foreign portfolio investors (FPIs) net sold shares worth Rs 21.13 crore on
Monday while net sale by domestic institutional investors (DIIs) stood at Rs 542.12 crore, according to provisional data from the
