Rupee closes at record low for 3rd consecutive day
Traders said the next key level would be 84.15 per dollar. That was the weakest level in the non-deliverable forwards (NDF) market, which was touched a month ago.
PSUs fizzle out over unrealistic valuations, sluggish earnings
Nineteen out of 64 non-banking stocks have plunged between 40% and 55% from their yearly highs, while another 28 have declined by 30% to 40%. Overall, 64 state-owned corporates have lost nearly ₹8 lakh crore in market capitalisation since August 1, the day the BSE PSU index hit an all-time high.
Goldman Sachs takes note of a slow turn in the India story
The downgrade comes amid continuous selling by foreign portfolio investors (FPIs), who have offloaded Indian stocks for 17 consecutive days. So far this month, FPIs have sold shares worth ₹89,200 crore