Mumbai: Indian stock markets opened weak on Thursday as pressure from a falling rupee and continued foreign investor selling kept sentiment muted on Dalal Street.
The opening also coincided with the weekly F&O expiry for the Sensex, adding to the cautious mood among traders.
The rupee hit a fresh record low of 90.56 against the US dollar in early trade, worsening concerns about capital outflows.
The sustained depreciation has been fuelled by steady foreign investor selling, firm demand for the dollar, and lingering uncertainty surrounding India’s trade negotiations with the US.
Against this backdrop, the benchmark Sensex began the day at 84,958, down 148 points or 0.17 per cent. The Nifty opened at 25,953, slipping 33 points or 0.13 per cent.
Most heavyweight stocks on the Sensex traded lower in the morning session. HUL, Titan, Eternal, ICICI Bank, Power Grid, Trent, Ultratech Cement, Bajaj Finserv, Tata Motors PV, NTPC, Bajaj Finance, and HDFC Bank were among the major laggards.
Only a handful of large-cap counters managed to stay in the green. IT majors TCS, HCL Tech, Infosys, and Tech Mahindra led the gainers’ list, supported by a stronger dollar. Asian Paints and Bharti Airtel also opened with mild gains.
In the broader market, sentiment was mixed. The Nifty MidCap index edged up 0.17 per cent, showing some resilience, while the Nifty SmallCap index slipped 0.07 per cent.
Market participants said the recent pressure on equities is closely linked to the rupee’s sharp fall. After breaching the 90-per-dollar mark on Wednesday, the currency’s slide has become a key worry for investors, raising concerns over imported inflation and higher costs for companies dependent on overseas supplies.
With global cues still uncertain and the domestic currency under strain, traders expect markets to remain volatile through the day, according to experts.
(IANS)
