Bulls hold for second day, but rupee bleeds near record low
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- ✓Markets extended their recovery for a second straight session on Tuesday as the Nifty 50 closed at 22,776.10.
- ✓Siddhartha Khemka said, “the correction has brought valuations to more reasonable levels.” While stocks got a boost, the rupee fell 13 paise to close at 96.42 against the US dollar on Tuesday.
Story at a Glance
- Category
- MARKET
- Reported By
- Business Line
- Reading Speed
- 3 Minute(s)
- Market Focus
- India Economy
Markets extended their recovery for a second straight session on Tuesday, clawing back ground after an eight-week slide that had dragged the Nifty 50 down 8.8 per cent, its longest losing streak since 2020. The rebound came even as the rupee slipped to near all-time lows and the country braces for the Reserve Bank of India’s first interest rate decision since February 2023, due Wednesday.
“...the rebound follows an eight-week decline in which the Nifty fell 8.8 per cent... the correction has brought valuations to more reasonable levels, while Q2 business updates triggered stock-specific buying,” said Siddhartha Khemka, Head of Research at Motilal Oswal Financial Services.
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