Indian stocks slump, rupee declines ahead of US inflation data
Nov 10, 2022
New Delhi [India], November 10 : Indian stock indices extended their losses from the previous session to trade substantially lower this morning tracking weak cues from overnight US markets.
Benchmark indices in the US markets declined amid the mid-term elections and ahead of inflation data for October which is scheduled to be released today. Inflation figures will decide the future course of monetary policy action by the US central bank.
At 9.53 am, Sensex traded at 60,555.92 points, down 477.63 points or 0.78 per cent, whereas Nifty traded at 18,022.70 points, down 134.30 points or 0.74 per cent.
Among the Nifty 50 stocks, Tata Motors, Mahindra and Mahindra, Axis Bank, Titan, and Eicher Motors were the top five losers, whereas Divi's Labs, Cipla, Dr Reddy's, Hindustan Unilever, and Hero Motocorp the top gainers this morning, National Stock Exchange data showed.
Meanwhile, the rupee opened at 81.65 against the US dollar versus the previous close of 81.43 on Wednesday.
Barring the latest appreciation in November, the Indian rupee had been weakening over the past several weeks to hit fresh new all-time lows as the US dollar strengthened against major global currencies.
In October, the rupee breached the 83 mark for the first time in its history. So far this year, the rupee has depreciated around 10 per cent.
