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Benchmark indices extended losses for fourth consecutive trading session amid weak global cues, along with metal, FMCG and IT shares leading the sharp decline.
Government bonds were headed for their biggest gain in at least 15 years, while the rupee remained under pressure after the Reserve Bank of India (RBI) said it will buy bonds to ease a cash crunch, and relaxed bond holding rules for lenders.
The rupee hits fresh all-time low, trading around 64.43 per dollar as heavy dollar buying from large state-run banks along with demand from custodian banks hurt the local currency on Wednesday.
Investors will be watching the release of the Federal Open Market Committee’s July meeting minutes today for hints as to when the stimulus withdrawal will begin.
The 30-share Sensex ended down 279 points at 17,969 after hitting an intra-day low of 17,807 and the 50-share Nifty ended down 85 points at 5,317 after touching an intra-day low of 5,268. Nifty touched the lowest level since September 11, 2012.
