Sensex Slips 284 Points In Opening Trade, Rupee Falls To Record Low

The Indian rupee also slid 36 paise to a record low of 76.80 against the US dollar amid weak market opening and the spike in Covid-19 cases in the country.

Markets opened on a weaker note on Thursday (Photo by Anshuman Poyrekar/ Getty Images)

New Delhi: Markets opened on a weaker note on Thursday as the 30-share barometer Sensex was 284 points lower at 30,095.51. Nifty also shed 74 points to 8,851.25. Indian stocks were in line with the falling markets globally as investors remain wary because of the dismal earnings reported by companies affected because of Covid-19. Sun Pharma, which inched 1.7 per cent, was the top gainer followed by RIL, Power Grid and HDFC Bank. Infosys, Tata Steel and Axis Bank were among the worst performers on the 30-share Sensex. IT service company TCS is expected to announce its Q4 earnings on Thursday. Another IT major Wipro Ltd posted a 5.3 per cent decline in net profit to ₹2,326 crore for the fourth quarter ended March mainly due to lower operating margins and higher tax rates as compared to the previous quarter. The Indian rupee also slid 36 paise to a record low of 76.80 against the US dollar amid weak market opening and the spike in Covid-19 cases in the country. Asian stocks also performed miserably along with US equity futures as the world continues to grapple with Covid -19 impacts. Futures on the S&P 500 slipped 0.6 per cent in Tokyo while South Korea’s Kospi lost 0.3 per cent. US stocks also slipped to negative on Wednesday as negative earnings in the first quarter reported by companies aggravated the economic situation already hit by the pandemic. The Dow Jones Industrial Average slipped 442.91 points, or 1.85 per cent, to 23,506.85, the S&P 500 lost 62.24 points, or 2.19 per cent, to 2,783.82 and the Nasdaq Composite dropped 122.56 points, or 1.44%, to 8,393.18, according to news agency. Even oil prices are down as poor demand doesn’t propel the prices amid announcement on the output cut by top producers. Brent crude was last up 2.5 at $28.38 a barrel. (With inputs from agencies)