Stock indices plunge 1.7%, rupee declines further
The Hindu
Rupee continued to see decline, sliding 30p to 81.09
Benchmark stock indices plunged more than 1.7% on Friday owing to selling pressure and on account of weak global cues.
The S&P BSE Sensex plunged 1,020.80 points, or 1.73%, to 58,098.92 points. Sensex stocks which lost the most include Power Grid (7.93%), M&M (3%), State Bank (2.99%), Bajaj Finserv (2.8%), Bajaj Finance (2.80%) and NTPC (2.78%).
The NSE Nifty-50 index too slid 302.45 points, or 1.72%, to 17,327.35.
“Selling pressure was widespread wherein banking, energy and realty were among the top losers,” said Ajit Mishra, VP - Research, Religare Broking Ltd. “Markets are finally witnessing pressure after showing resilience for quite some time and indications are pointing towards further decline,” he added.
Vinod Nair, head of Research at Geojit Financial services said though the U.S. Fed’s 75-basis point rate increase was anticipated, the sustained aggressive stance indicating 125 bps increases in the next two policy meetings by December 2022 had spooked the market.
“The rupee fell to a new record low as FIIs began selling. The extended hawkish monetary policy is bound to further slow down the global growth engine,” he said.
”India is in a better position with a decoupled economy with pickup in credit growth and tax collection. However, rise in geopolitical risk and economic slowdown will affect India with a lag and weaken performance in the short-term,” he added.
India’s manufacturing sector underperforms compared to China and South Korea, partly due to public sector wages that raise costs and reduce competitiveness.
Non-Resident Indians (NRIs) from the Gulf Cooperation Council (GCC) region, once prominent investors in the Indian equity market are seen shying away due to rupee depreciation and have moved to global funds, said a top financial services executive.
Mobile phones are increasingly migrating to smaller chips that are more energy efficient and powerful supported by specialised Neural Processing Units (NPUs) to accelerate AI workloads directly on devices, said Anku Jain, India Managing Director for MediaTek, a Taiwanese fabless semiconductor firm that claims a 47% market share India’s smartphone chipset market.
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