BackSensex closes 61.48 points down
The consumer durables and auto sectors lost the most, falling 3.54% and 2.26%, respectively
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Mumbai: India’s benchmark stock index fell to a four-month low on Tuesday after the rupee tumbled to a record.
Stocks most-tied to the economy paced the declines. Tata Motors Ltd, India’s biggest truckmaker, dropped the most in six months. Mahindra & Mahindra Ltd, the country’s top tractor maker, slid to an 11-month low. Oil & Natural Gas Corp. Ltd retreated to its lowest level in eight months. Sterlite Industries (India) Ltd and Sesa Goa Ltd, controlled by billionaire Anil Agarwal, soared on optimism the government will expedite its plan to sell stakes in their units Hindustan Zinc Ltd and Bharat Aluminium Co.
Citigroup Inc. cut its year-end forecast for the Sensex to 18,900 from 20,800 in a report on Tuesday. JPMorgan Chase and Co. downgraded India to neutral from overweight as the government measures could not support the currency, analysts led by Adrian Mowat wrote in a report on Tuesday.
Indian shares recovered sharply from the day’s lows, still marking the third straight session of decline on Tuesday.
NSE’s broader 50-share Nifty ended down 0.25%, or 13.30 points, at 5,401.45 points.
The consumer durables and auto sectors lost the most, falling 3.54% and 2.26%, respectively.
The BSE metal index was the biggest gainer, up 4.84%, followed by the Realty index and Bankex that rose 2.49% and 0.75%, respectively.
Shares of Financial Technologies India Ltd ended down 6.98% at ₹ 141.30 apiece, while those of Multi Commodity Exchange of India Ltd rose 4.99% to ₹ 268.15. BLOOMBERG
Ravindra Sonavane contributed to this story.
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