Heena Sharma Blog

The Indian rupee dropped to a record low on Friday, weighed down by worries over the coronavirus pandemic that has prompted investors to dump riskier assets and move towards safe havens. The dollar stood tall on Friday as investors scrambled for the world's most liquid currency amid deepening panic while the euro nursed losses after the European Central Bank disappointed by not cutting rates. The partially convertible rupee dropped to a record low of 74.5075 against the dollar before recovering slightly to trade at 74.4445 by 0355 GMT. Traders expect the central bank to step in to prevent further sharp falls in the currency but don't see it protecting the rupee at any particular level. Read More

The benchmark indices are trading around 2 per cent lower tracking their Asian peers which sank on Thursday after Wall Street suffered its worst drubbing in eight months. A sinking rupee also added to investors' concerns. The rupee also slipped to a new record low of 74.48 against the US dollar so far in intra-day trade, down 26 paise from its previous close. Among the sectoral indices, the Nifty IT index has slipped over 3 per cent led by losses in the shares of Infosys and Tata Consultancy Services (TCS). The Nifty Metal index too has fallen over 4 per cent weighed by Tata Steel and Vedanta. Stock specific actions are likely to continue as the IT bellwether TCS is slated to announce its September quarter earnings later today. Majority of the analysts expect IT companies to report healthy numbers led by the ramp-up of recent large deal wins, improving the macro environment, and strong seasonality. CATCH ALL THE LIVE UPDATES Business Standard

The benchmark indices are trading over 1 per cent higher due to a firm rupee against the dollar. The rupee is trading on a firm note having risen to 74.05 against the greenback so far in intra-day trade. The Indian currency opened 24 paise firm at 74.14 earlier in the day after ending at a record low of 74.39 per dollar on Tuesday. Among the sectoral indices, Nifty Bank index is trading nearly 2.5 per cent higher led by a rise in YES Bank, Axis Bank and IndusInd Bank. The Nifty Auto index, too, is trading over 2.5 per cent higher led by Maruti Suzuki India. However, the Nifty IT index has slipped over 1.5 per cent weighed by Infosys and Tata Consultancy Services. In the broader markets, the S&P BSE MidCap index is trading around 3.5 per cent higher while the S&P BSE SmallCap has risen 3 per cent. Stock specific action will continue as firms like Bandhan Bank and ZEE are likely to declare their second-quarter earnings later in the day today. Investors will al