Sensex cripples, rupee sinks and markets stumble, so where are ‘Achhe’ din?

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By Muslim Mirror News,

Achhe din await us all. So where are they? The BSE benchmark Sensex plummeted over 800 points in afternoon session Thursday as rupee sank to another low amid boiling crude prices, weak global cues. The rupee also plunged to a new low of 73.81 against the dollar, while the masses wait for Achhe din.

Economy is prospering. Any BJP leader would still insist. No matter all sectoral indices are trading in the red, with IT, auto, pharma, banking and realty stocks witnessing most losses.

Top laggards include Reliance Industries, Hero MotoCorp, TCS, IndusInd Bank, Adani Ports, HDFC Bank, Infosys, HUL, Asian Paints, HDFC and Bajaj Auto, falling up to 6 per cent.

According to analysts, the equity benchmark indices have fallen nearly 10 per cent from peak levels attained in August, led by weak domestic sentiments, global uncertainties, depreciating rupee and strengthening crude oil prices.

With rupee and crude oil showing no signs of stability, weakness is likely to continue in the coming sessions, they said. Brokers said volatility was seen in most Asian markets as high US yield and good economic data led to fear that investors would move to the US, dampened trading sentiments here.

Rupee is also ailing. The Indian rupee on Wednesday crashed below the 73 mark against the dollar for the first time ever on strong demand for the American currency from importers amid rising global oil prices and unabated capital outflows. At the Interbank Foreign Exchange (forex) market, the domestic currency dropped 43 paisa to 73.34 against the US dollar in the early trade.

Foreign institutional investors (FIIs) sold shares net worth a net of ₹ 1,842 crore Monday, provisional data showed. Investors remained concerned over sustained foreign capital outflows and soaring crude oil prices that crossed the USD 85 per barrel. Forex dealers said besides strong demand for the American currency from importers, concerns of fears of rising fiscal deficit and capital outflows mainly weighed on the domestic currency.

So where are the Achhe din?

(With PTI inputs)

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