Bank shares lead the decline on fears of foreign selling after Indian rupee hits another record low. Reuters
The benchmark India market index BSE Sensex
is down 0.2 percent, while the broader NSE Nifty
is down 0.47 percent, heading towards their fifth consecutive day of decline alongside a freefalling Indian rupee against US dollar, which fell below the 65 mark early today. ICICI Bank
shares are down 2.5 percent, while HDFC Bank
shares have fallen 2.3 percent.
Bank shares lead the decline on fears of foreign selling after Indian rupee hits another record low.
Shares in metal companies gain on expectations for a pickup in China after HSBC said its preliminary purchasing managers' index rose to 50.1 in August, a five-month high and just above the 50 level that separates growth from contraction.
Tata Steel shares gained 4 percent, while Hindalco Industries Ltd shares are up 1.3 percent.