“Nifty plunged for the second consecutive session and have lost 2.60% in just two sessions. None of the indices were sparred and all finished the day in the red. We continue to remain cautious on the markets. Depreciating rupee, weak global cues, high energy prices are affecting the sentiments on the street.
Weak Asian markets also marred the sentiments. Rupee touched the all-time low of 72.88 during today’s session. As we have been pointing out - steep valuation continue to plague FMCG stocks. FMCG index continue to weaken and lost 2.4% today. Private sector banks also were under pressure as rising bond yields will result into large market to market losses in bond portfolios.”
VK Sharma, Head Private Client Group & Capital Market Strategy at HDFC Securities