Stocks extend slide, rupee hits a new low

BSE Sensex falls 509.24 points or 0.89% to settle at 56,598.28; NSE Nifty declines 148.80 points or 0.87% to end at 16,858.60

September 28, 2022 05:23 pm | Updated 10:06 pm IST - Mumbai

A view of the BSE building in Mumbai. File

A view of the BSE building in Mumbai. File

Key equity indices extended their slide on Wednesday, dropping almost 1% as a global flight to safety saw FIIs dump local stocks.

The S&P BSE Sensex fell 509.29 points, or 0.89%, to 56,598.28. Sensex stocks which lost the most include ITC (2.9%), Axis Bank (2.8%), Reliance (2.6%), Tata Steel (2.4%) and State Bank (2.0%).

The NSE Nifty 50 too declined 0.87% to 16,858.60.

“Investors continue to be sceptical of the domestic market’s higher premium amid the global deceleration; foreign investors are fleeing emerging economies,” said Vinod Nair, head of Research, Geojit Financial Services.

The rupee slid 40 paise to a new low of 81.93 against the dollar. “I think rupee will take support of 82 and remain in the range of 82-80,” said Megh Mody, Commodities and Currencies Research Analyst, Prabhudas Lilladher.

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