Benchmark equity indices Sensex and Nifty extended their decline on Tuesday, pressured by sustained foreign fund outflows, a sharply weaker rupee, and muted global market cues.
At around 10:00 am, the Sensex was down 490.80 points (0.58%) at 84,722.56, while the Nifty slipped 145.90 points (0.56%) to 25,881.40, breaching the key 25,900 level.
Within the Nifty50 pack, Axis Bank, Eternal, and JSW Steel were among the top laggards, falling as much as 4 percent. On the other hand, Nestle India and Bharti Airtel managed modest gains of up to 1 percent. Market breadth remained negative, with 1,459 shares advancing, 1,672 declining, and 161 unchanged.
Key Reasons Behind Today’s Market Decline
1) Rupee Hits Fresh Record Low
The Indian rupee weakened to a new all-time low of 90.87 against the US dollar in early trade, dragged down by persistent foreign institutional investor (FII) outflows and the absence of any meaningful progress in India–US trade negotiations.
At the interbank foreign exchange market, the rupee opened at 90.87, down 9 paise from the previous close, and traded in a narrow range of 90.77–90.87 during early hours. Forex traders noted that losses were partially capped by a softer US dollar index and declining global crude oil prices.
2) Continued FII Outflows
Foreign institutional investors sold equities worth Rs 1,468.32 crore on Monday, extending their selling streak to the 12th consecutive session. Persistent FII outflows have been weighing on domestic equities by tightening liquidity and dampening overall investor sentiment.
Market Outlook
With the rupee at record lows and foreign investors continuing to pare exposure, Indian equities remain under pressure, and near-term sentiment is likely to stay cautious unless there is relief on the currency front or a reversal in global risk appetite.
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