FPIs cut IT stakes as sector faces a recession hit in US and Europe
Since Indian IT exporters earn more than half of the revenue from banking, financial services, and insurance (BFSI), and manufacturing clients in the US and Europe, they are perceived to be a direct proxy to the economic growth in the developed markets.
Rupee dives to new low, Dalal Street mirrors fall in global markets
Foreign portfolio investors net sold shares worth ₹2,509.55 crore on Friday, according to provisional data. Their domestic counterparts were buyers to the tune of ₹263 crore. NSE’s Nifty fell 88.5 points or 0.5% to close at 17,629.80. BSE’s Sensex declined 337 points or 0.57% to end at 59,119.72.