Indian Shares End Deep In Red As Rupee Hits Another Record Low
(RTTNews) - Indian shares tumbled on Friday, after having ended higher the previous day to snap a three-day losing streak amid eased EU-U.S. tensions over Greenland.
Valuation concerns, a weakening rupee and continued foreign fund outflows dented investor sentiment, even as some calm returned to global markets on relief linked to Greenland tariffs.
The Indian rupee hit a record low of 91.99 against the U.S. dollar in intraday trading today due to FII selling and a volatile geopolitical situation.
U.S. President Donald Trump announced deployment of U.S. naval forces including USS Abraham Lincoln toward Iran and said the U.S. is closely monitoring the situation.
Earlier, Trump said that a 25 percent tariff on any party dealing with Iran would come into force very soon.
Intel's Q1 guidance fell short of expectations and Trump rescinded Canada's invitation to join the 'Board of Peace,' a Gaza peace initiative he announced at the World Economic Forum, without providing a reason for the decision, adding to investor anxiety.
The benchmark BSE Sensex ended down 769.67 points, or 0.94 percent, at 81,537.70 while the broader NSE Nifty index slumped 241.25 points, or 0.95 percent, to 25,048.65.
The BSE mid-cap and small-cap indexes lost 1.6 percent and 2.2 percent, respectively. The market breadth was negative on the BSE, with 2,879 shares falling while 1,327 shares rose and 155 shares closed unchanged.
Among the prominent decliners, Indigo tumbled 4.3 percent, Eternal plummeted 6.3 percent and Adani Ports gave up 7.5 percent.
SBI, BEL, Power Grid Corp, Bajaj FinServ and Axis Bank lost 2-3 percent.
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