Weak rupee, fiscal impact of stimulus see markets in red

June 29, 2021 17:13

Equity indices languished for the second straight session on Tuesday as investors pared back their exposure to riskier assets amid a cautious trend in global markets due to a fresh spurt in COVID-19 cases in many countries.

A weakening rupee and the fiscal impact of the government's new stimulus measures also sapped risk appetite, traders said.

The 30-share BSE Sensex ended 185.93 points or 0.35 per cent lower at 52,549.66. Similarly, the broader NSE Nifty tumbled 66.25 points or 0.42 per cent to 15,748.45. Kotak Bank was the top loser among the Sensex constituents, shedding 1.54 per cent, followed by ICICI Bank, Tech Mahindra, Bajaj Auto, Axis Bank, Mahindra and Mahindra, SBI and Maruti. On the other hand, PowerGrid, HUL, NTPC, Dr Reddy's, Nestle India and IndusInd Bank were among the gainers, spurting up to 1.75 per cent.

"Despite the government's stimulus package to revive stressed sectors, domestic equities continued to trade weak due to new coronavirus outbreaks in Asia.

Extension of emergency credit guarantee scheme to MSMEs and subsidised financing to small borrowers will be a boost to the microfinance and NBFC sectors.

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