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Indian rupee drops further, stock market drops as investors sell shares

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The NSE Nifty 50 index fell 1.8% to 17,019 at 9 a.m. (UAE time), while the S&P BSE Sensex fell 1.6% to 57,178. the prospect of high interest rates and weak future growth.

Last week, the United States and half a dozen other countries raised interest rates.

Meanwhile, the Reserve Bank of India is expected to raise interest rates again this week, with a slim majority of economists in a Reuters poll expecting a half-percentage-point hike and other s expecting a lower 35 basis point hike.

“The sell-off is mainly driven by global indices, which remain weak. The market is already building a 50bps upside against the RBI this week,” said Gaurav Dua, head of financial markets strategy. at Sharekhan.

“Previously, it was expected that the RBI would take a break.

However, given the firming up in food prices, the market is now building another 35 basis point rally after that, which is affecting sentiment,” Dua said.

Analysts also signaled that selling off by foreign investors could relieve markets. On Friday, foreign institutional investors sold 29 billion Indian rupees ($355.57 million) worth of Indian stocks, according to preliminary data available from the National Stock Exchange.

The Nifty metals index fell 4.2%, the auto index fell 3.7%, while the energy and banking indices fell 3.1% and 2.4%, respectively.

Nestlé India was the biggest gainer in the Nifty 50 index, rising 1.6%, while Hindalco Industries fell the most, falling 6%.

Shares of precision engineering company Harsha Engineers jumped 47% on their debut in Mumbai markets.

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