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Last Updated : Aug 23, 2019 04:31 PM IST | Source: Moneycontrol.com

Market consolidates amid hopes of govt intervention; more than 550 stocks hit 52-week low, rupee falls to 72/$

The Indian rupee fell to 72.04 against the US dollar, the lowest level since November 14, 2018, due to stronger dollar and FII outflow.

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After hitting a new low for August, the benchmark indices rebounded but failed to recoup all previous day's losses on August 23 amid hopes that the government would take some corrective measures like a rollback of FPI surcharge, provide stimulus to ailing sectors etc soon.

The BSE Sensex rallied 334 points intraday, but settled with 228.23 points at 36,701.16 after losing nearly 600 points in the previous session. The Nifty50 gained 88 points at 10,829.40.

A media report that the government may soon announce the rollback of surcharge on FPIs and some other reforms to boost the economy triggered sharp rebound across the board.

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"Markets on August 26 will react to the outcome of FM's conference which is scheduled post market hours on August 23. Needless to say, hopes are high so any disappointment could result in a sharp reaction on the downside. Participants should avoid jumping into a trade and wait for some stability," Ajit Mishra Vice President - Research at Religare Broking told Moneycontrol.

More than 558 stocks hit their 52-week low today including largecaps like ITC, ONGC, IndusInd Bank, Hindustan Zinc, GAIL India, Grasim Industries, Eicher Motors, Tata Steel, Cipla, DLF.

Among others, GIC, Motherson Sumi, NMDC, Bank of India, Bharat Forge, Page Industries, New India Assurance, L&T Finance, IDBI Bank and Ashok Leyland also hit a year low.

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Meanwhile, the Indian rupee fell to Rs 72.04 against the US dollar, the lowest level since November 14, 2018, due to a stronger dollar and FII outflow.

The BSE Sensex fell nearly 8 percent and more than Rs 14.5 crore worth of investors' wealth eroded since July 5, the Budget day.

FIIs have been net sellers since then, pulling out more than Rs 25,000 crore from the Indian markets.

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First Published on Aug 23, 2019 12:00 pm
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