Global cues, weak rupee subdue equity indices

Broadly negative global cues along with a weak rupee subdued the Indian equity market during the late-afternoon trade session on Wednesday.

Heavy selling pressure was witnessed in the IT, energy and consumer durable stocks.

At 2.30 p.m., the wider Nifty50 on the National Stock Exchange traded at 11,711.75 points, lower by 26.75 points or 0.23 per cent from its previous close.

Similarly, the S&P BSE Sensex traded in the red. It opened at 38,989.65 points, traded at 38,823.09 points, lower by 73.54 points or 0.19 per cent from its previous close of 38,896.63 points.

On the currency front, high global crude oil prices and a rise in US dollar demand pulled the Indian rupee to a fresh record low.

However, at 2.05 p.m., the rupee recovered to 70.50-51 after it had plunged to 70.55 -- the lowest ever mark -- against the greenback on the back of an apparent intervention by the Reserve Bank of India (RBI).

On Tuesday, supported by firm global cues, both the S&P BSE Sensex and the NSE Nifty50 touched their respective record intra-day highs of 38,938.91 points and 11,760.20 points, before ending the day's trade at record closing levels.

--IANS

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