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Nifty Bank pulls indexes lower as rupee hits record low against dollar

Nifty Bank pulls indexes lower as rupee hits record low against dollar

Nifty Bank pulls indexes lower as rupee hits record low against dollar
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By CNBC-TV18 Sept 4, 2018 3:07:08 PM IST (Published)

Nifty Bank was trading at 0.46 percent lower, down by 127 points to 27,693.

Bank shares were again under selling pressure on Tuesday as the Indian rupee slid to a fresh record low against the dollar at 71.35 and strengthening crude oil prices.

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The double trouble for the Indian economy triggers fears of inflation due to the country's large oil import bill, forcing the Reserve Bank of India (RBI) to raise interest rates. Not surprisingly, bank shares remain under pressure.
Nifty Bank was trading at 0.46 percent lower, down by 127 points to 27,693 at 1 pm. The sectoral index has traded in a range of over 300 points between a high and a low of 27,875 and 27,561, respectively, after opening at 27,845.
Only three stocks advanced against nine declines on the Nifty Bank with IDFC Bank leading the laggards with a 3.24 percent dip.
IndusInd Bank, Kotak Mahindra Bank and HDFC Bank were among other major laggards, while Axis Bank, Yes Bank and ICICI Bank offered support.
Meanwhile, benchmark indices continue to trade flat. The BSE Sensex traded at 38,323, trading in the green, while the NSE Nifty 50 traded lower by 12 points to 11,570.
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