The market is engulfed in a severe bout selling pressure now, following the rupee tumbling to a new all-time low against the greenback.
The partially convertible Indian rupee, which had edged up marginally against the dollar in early trade this morning, retreated soon and is currently trading at 64.30 after falling to 64.44 a little while ago.
With stocks across the board wilting under the onslaught, the BSE benchmark Sensex tanked to 17,807.19, losing around 440 points. The barometer is currently down 404.69 points or 2.22% at 17,841.35.
The Nifty, which declined to 5268.45, is down with a loss of 123.45 points or 2.3% at 5278 at present. present.
Oil, FMCG, metal and healthcare stocks are among the most prominent losers. realty, capital goods, automobile and power stocks too are mostly down with sharp losses. Information technology stocks are weak as well, while select bank and consumer durables stocks are holding on in positive territory with notable gains.