INSUBCONTINENT EXCLUSIVE:
MUMBAI: The stock market resumed its descent on Wednesday as the unease over weakening rupee and strengthening oil prices came back to haunt
investors, though worries over the impact of the ILFS fiasco have started receding.
The rupee slid below the psychological mark of 73 per
dollar to a record low after crude oil prices firmed up, prompting foreign investors to sell stocks worth Rs 1,550 crore on Wednesday.
Both
10,900.
The Sensex tumbled 550.51 points, or 1.5 per cent, to close at 35975.63, its biggest single-day decline in percentage terms since
The fear gauge, India VIX, spiked 7.6 per cent to end at 18.12.
The rupee hit a record low of 73.42 to a dollar before closing 0.70 per cent
window for oil marketing firms (OMCs) added to the pressure on the rupee
The rupee has fallen 12.9 per cent against the dollar so far in 2018, making it the worst-performing emerging market currency.
Among blue
chip stocks, Mahindra Mahindra, Tata Consultancy Services, Axis Bank, ICICI Bank and Maruti Suzuki were the worst performers, ending down
2.9-6.7 per cent.
The BSE Midcap index also continued to bleed, ending down 1 per cent at 14676.48
a sharp selloff in shares of banks and financial companies
shifted to firming interest rates.
Foreign portfolio investors (FPIs) have sold shares worth .Rs 12,800 crore since September
FPIs have been sellers in 13 out of 20 sessions since September and within those sessions, they have sold more than Rs 1,000 crore worth of
Domestic institutional investors (DIIs) were supporting the market, but that has also got impacted by the credit crisis
The central bank is expected to increase the repo rate by 25 basis points
