Indian markets slip as Nifty, Sensex fall and rupee weakens
Business
The Indian stock market had a rough Wednesday: Nifty fell 163 points to 23,455 at the open and Sensex slid by 495 points.
Meanwhile, the rupee touched a record low against the dollar before bouncing back a bit, and Brent crude stayed above $110 per barrel.
Hindalco lone Nifty gainer, volatility expected
Hindalco was the only major winner on Nifty, up 1.26%. IT giants like TCS and Infosys saw small gains thanks to the weaker rupee helping exporters.
On the flip side, Tata Steel dropped over 2%. Analysts say Nifty's key support is now at 23,400 as volatility remains high (India VIX at 18.67).
With US Treasury yields rising and global uncertainty in play, markets are expected to stay choppy for now.