Nifty slips 62 pts on rising crude prices, rupee woes

The NSE benchmark Nifty extended its downtrend and slipped by another 62 points to 11,520.30 Tuesday, dragged by widespread selling mainly in banking, infra and FMCG stocks amid sustained foreign fund outflows and relentless fall in rupee.

Investors remained concerned about macro effect of higher crude oil prices, even as Brent crude touched USD 79 per barrel.

The broader midcap and smallcap also witneseed hectic sell-off.

However, the rupee weakness helped the IT stocks, which received good response from buyers, capped some losses.

Overseas, European stocks declined as rising trade tensions and the sell-off in emerging market currencies kept investors nervous. Asian stocks ended mixed, after a slightly turbulent trading day, with markets remaining uncertain over trade concerns and emerging market worries.

The Nifty 50 index fell 62.05 points, or 0.54 per cent, to end at 11,520.30, its lowest closing level since August 17, 2018. The index rose 20.20 points to the day's high of 11,602.55. The index fell 85.50 points to the day's low of 11,496.85.

It saw an intra-day movement of about 105.70 points.

On the sectoral front, PSU bank dropped 3.55 per cent, followed by media 2.95 per cent, FMCG 2.08 per cent, metal 1.94 per cent, realty 1.85 per cent, auto 1.66 percent, infra 1.56 per cent, bank 1.40 per cent, private bank 1.18 per cent, financial service 0.94 per cent and energy 0.07 per cent.

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While, IT climbed 2.06 per cent due to weak rupee.

Major index gainers included TechM, Hcl Tech, TCS, Wipro, Axis Bank, Reliance, Bajaj Finance and HDFC.

Losers were Grasim, Infosys, Grasim, Ultratech Cement, Asian Paints, Indiabulls Housing, SBIN, Titan, UPL and Hindustan Petroleum.

The market breadth, indicating its overall health, remained losers. On the NSE, 412 stocks advanced, 1,424 declined and 78 remained unchanged. Total securities that have hit their price bands were 230.