Sensex tanks 190 points on open, Nifty down 60 points as rupee tumble continues; Kotak Mahindra Bank down 2%

Sensex, Nifty today: The Indian stock market opened lower on Thursday, even as concerns surrounding the rupee and cues from the global market weigh. The Sensex opened at 37,796, and soon plunged nearly 150 points to hit the day’s low at 37,644 within minutes of opening. The broader Nifty 50 opened at 11,397, below the psychological mark of 11,400. The rupee too opened at a record low of 70.32, recording a plunge of 43 paise against the dollar. Shares of Vedanta, Kotak Mahindra Bank, Tata Steel and HDFC plunged by as much as 3.5%. In the broader Nifty, shares Hindalco and Adani Ports were among the top 5 losers. 22 shares advanced in the morning trade, while 28 shares registered declines.

Earlier, SGX Nifty Futures traded 32 points lower, pointing to a negative opening for Sensex and Nifty 50. Asian shares pulled away from one-year lows on Thursday, after Beijing said it will hold trade talks with Washington this month, although Turkey’s currency crisis and fears of an economic slowdown in China kept most markets in the red, Reuters reported.

Oil prices recouped some of the previous day’s losses after China said it would send a delegation to Washington in an attempt to resolve trade disputes between the United States and China that have roiled global markets. U.S. West Texas Intermediate (WTI) crude futures traded at $65.11 per barrel at 0209 GMT, up 10 cents, or 0.15 percent, from their last settlement, said a Reuters report.

Amid the ongoing rupee plunge, Union minister Arun Jaitley said yesterday that the country has adequate reserves to check any undue volatility in the foreign exchange market. “Recent developments relating to Turkey have generated global risk aversion towards emerging market currencies and the strengthening of the dollar. However India’s macro fundamentals remain resilient and strong,” Arun Jaitley tweeted.

Bombay Stock Exchange - BSE

National Stock Exchange of India Ltd (NSE)