Share Market Fall
Share Market News: Indian stock markets witnessed a decline for the second consecutive day on Tuesday, December 16. The Sensex fell by as much as 500 points in early trading, while the Nifty dropped below 25,900. Continuous selling by foreign investors, the rupee hitting record lows, and weak global cues dampened investor sentiment. The BSE Midcap and Smallcap indices also fell by up to 0.62 percent. The sharpest declines were seen in IT, banking, and metal stocks.
Around 10:00 AM, the BSE Sensex was trading down 490.80 points, or 0.58 percent, at 84,722.56. The NSE Nifty also fell 145.90 points, or 0.56 percent, to 25,881.40. On the Nifty, Axis Bank, Eternal, and JSW Steel were among the biggest losers, with declines of up to 4 percent.
The biggest pressure on the stock market came from the weakening rupee. On Tuesday, in early trading, the rupee fell by 9 paise against the US dollar, reaching a record low of 90.87. Continuous selling by foreign institutional investors, along with the lack of any concrete progress on the India-US trade agreement, continued to put pressure on the currency. However, a softening of the US dollar and a decline in crude oil prices prevented a further sharp fall in the rupee.
