Indian Stock Market Live: Indices trade lower on weak global cues; rupee hits the new low
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Benchmark indices are trading lower, following Asian markets after US President Donald Trump raised the stakes in the heated trade dispute with China.
Meanwhile, rupee also opened at a fresh record low of Rs 72.27/$, contributing to the weak sentiment. The Indian rupee has seen sharp depreciation against the US dollar last week but managed to recover on Friday to close the week at 71.74. Year-to-date fall in currency was 12.32 percent due to persistent global headwinds and concerns on the macroeconomic front.
On the macro front, investors will await several macroeconomic numbers due this week. The bourses, however, will remain closed on Thursday on account of Ganesh Chaturthi.
July industrial production and August CPI inflation due on Wednesday. WPI inflation data for August will be announced on Friday. Industrial production rose to a five-month high of 7 percent in June while CPI inflation fell to 4.17 percent in July, lowest in nine months, driven by cheaper food items.
Globally, Asian shares started the week in the red again on Monday, faltering for the eighth straight day and the dollar climbed against major currencies after Trump threatened tariffs on a further $267 billion worth of Chinese imports, on top of earlier promises to levy duties on $200 billion worth of Chinese goods.
MSCI’s broadest index of Asia-Pacific shares outside Japan was last down 0.7 percent, piling on losses from last week when it dropped 3.5 percent for its worst weekly showing since mid-March.
Japan’s Nikkei opened lower but quickly pared losses after revised second-quarter gross domestic product data showed the world’s third-biggest economy grew at its fastest pace since 2016.
Chinese shares were also down with the blue-chip index off 1 percent while Shanghai’s SSE Composite stumbled 0.7 percent. Hong Kong’s Hang Seng index slipped 0.9 percent.
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