Sensex tumbles 380 points as rupee hits record low
Tough day for the Indian stock market—Sensex dropped over 380 points to 85,261 in early trade, and Nifty slid below 26,100.
The main reasons? Banking stocks lost steam, the rupee hit a record low against the dollar, and foreign investors kept pulling money out.
Why does this matter?
A weaker rupee generally means imports get pricier and inflation could rise, which isn't great for everyday expenses or company profits.
The rupee touched an all-time low of 89.85 per dollar as oil prices soared and importers scrambled for dollars.
Plus, foreign investors sold off ₹1,171 crore in shares just yesterday—so global confidence in Indian markets may be perceived as shaky right now.
What's behind the slide?
Profit-taking hit private banks like ICICI Bank and financial stocks such as HDFC Life especially hard—both dropped up to 2%.
On top of that, weak signals from Asian and US markets added to investor caution.
All these factors combined to make the mood in Indian equities pretty cautious today.