- Monday, March 03, 2025
Consumer durables, banking and IT stocks were badly hit as Sensex and Nifty faced heavy foreign fund outflows
By: Shajil Kumar
EQUITY benchmark Sensex on Thursday plunged about 965 points to crash below the 80,000 level due to heavy selling in global equities after the US Federal Reserve signalled fewer rate cuts next year.
Besides, deep losses in consumer durables, banking and IT stocks amid foreign fund outflows added to the gloom, analysts said.
Falling for the fourth day running, the 30-share BSE benchmark Sensex tanked 964.15 points or 1.20 per cent to settle at 79,218.05.
During the day, the blue-chip index cracked 1,162.12 points or 1.44 per cent to 79,020.08.
The NSE Nifty tumbled 247.15 points or 1.02 per cent to sink below the 24,000 mark at 23,951.70.
From the 30 blue-chip pack, Infosys, Bajaj Finserv, JSW Steel, Bajaj Finance, Asian Paints, ICICI Bank, Reliance Industries, Tata Consultancy Services, Infosys, Tata Motors and Mahindra & Mahindra were the biggest laggards.
On the other hand, Sun Pharma, Power Grid and Hindustan Unilever were the gainers.
In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled lower.
European markets were trading in the negative territory. Wall Street ended sharply lower on Wednesday.
Rupee breaches 85 mark
The rupee dropped 14 paise and breached the crucial 85 level to close at an all-time low of 85.08 (provisional) against the US dollar on Thursday, as a hawkish stance from the US Federal Reserve sparked a broad dollar rally.
Forex traders said the Indian rupee breached the 85-mark for the first time and fell to a new record low on Thursday, as the US Federal Reserve signalled a more cautious monetary policy stance.
The US Federal Reserve cut interest rates by 25-bps to 4.5 per cent, in line with estimates. However, it signalled only two rate cuts in 2025 from its previous expectations of four rate cuts.
At the interbank foreign exchange, the rupee opened on a weak note and breached the crucial 85.00 level against the greenback.
It fell further to an all-time low of 85.08 against the American currency, registering a fall of 14 paise over its previous close, as dollar demand from importers, foreign fund outflows and a muted trend in domestic equities further dented investor sentiments. (PTI)
