Indian Rupee Finished The Day at 94.46

The Indian rupee closed at 94.46 on Wednesday in comparison to its previous closing 94.91 on Monday evening. The Indian rupee appreciated by 0.5% to close at 94.46 against the US dollar, bolstered by massive foreign portfolio inflows driven by Jio Platforms' $3.2 billion initial public offering, which was fully subscribed within two hours. However, further currency gains were constrained by escalating Middle East tensions, which pushed Brent crude oil prices up by 1.3% to over $110 per barrel and stoked fears of supply disruptions. Additional pressure stemmed from domestic equity losses, with the Nifty 50 dropping 0.7%. Investors are now focused on the release of the Reserve Bank of India’s monetary policy minutes following its recent rate hike, as well as higher-than-expected September inflation figures reaching 5.54%. Despite elevated global headwinds and volatile oil markets, market analysts anticipate that near-term downside risks for the rupee will remain limited.

At close, the Sensex was down 143.21 points or 0.19 percent at 73,709.69, and the Nifty was down 77.60 points or 0.34 percent at 22,811.35.

About 884 shares advanced, 3361 shares declined, and 157 shares unchanged.

Bajaj Finance, Eicher Motors, Eternal, BSE, Bajaj Auto were among major losers on the Nifty, while gainers included Infosys, Tech Mahindra, TCS, HCL Technologies and UltraTech Cement.

Indian stock markets closed lower for the second consecutive session, with the Sensex falling 143.21 points to 73,709.69 and the Nifty dropping 77.60 points to close below 22,850 at 22,811.35. While the Nifty IT index rallied over 2% to hit an eight-month high led by strong gains in Infosys, TCS, and Tech Mahindra, widespread selling pressure dragged down auto, consumer durables, energy, metal, and realty sectors by 1% to 2%. Broader markets underperformed significantly, with Midcap and Smallcap indices shedding over 2% amid cautious investor sentiment fueled by elevated Brent crude prices near $110 per barrel, FII selling, and foreign funds being diverted into major public offerings like the Jio Platforms IPO.