The Indian Stock market ended lower for the second consecutive day on Tuesday amid depreciation in the rupee as well as the uncertainty over the India-US trade deal.
At close, the Sensex was down 533.50 points or 0.63% at 84,679.86, and the Nifty was down 167.20 points or 0.64% at 25,860.10. BSE Midcap and Smallcap indices were down nearly 1% each.
The overall market capitalisation of BSE-listed firms dropped to Rs 467 lakh crore from Rs 471 lakh crore in the previous session.
Among the sectors, financials showed some significant declines. Nifty Bank fell 0.72% while the Financial Services index declined 0.79%. Nifty Private Bank suffered losses of 1.23% while PSU Bank was down 0.89%.
Realty indices suffered a loss of 1.29%, IT was down 0.84%, and Oil and Gas was down 0.77%.
On Nifty, only 11 stocks managed to end in the green. These included Bharti Airtel (1.70%), Titan Company (1.65%), and Tata Consumer Products (1.26%) as the top gainers.
On the other hand, shares of Axis Bank were down 5.12%, Eternal down by 4.67%, and JSW Steel was down 2.66% ending as the top losers in the index.
On the BSE, 103 stocks hit their 52-week highs, and 139 stocks hit their 52-week lows.
Those on the highs were Vedanta, Hindustan Zinc, and Ashok Leyland, while on the lows were ACC, REC, Petronet LNG, Page Industries, and Mankind Pharma.
Among some of the key performances, KNR Constructions shares slipped 3%, Gallantt Ispat shares added 2% post 1.2 million shares traded in a block, and SEPC shares rose 5%.
Indian rupee breached the 91 mark against the US dollar for the first time, registering another historic low of 91.07. Analysts believed that the continued Rupee weakness to fresh record lows dragged markets into negative territory.
Volatility is expected to remain elevated amid currency fluctuations and uncertainty over foreign inflows, and the progress on the US–India trade deal and rupee stabilisation will be critical.