Tue Jan 14 17:02:59 UTC 2025: ## Rupee Plunges to Historic Low as Indian Markets Falter

**Mumbai, January 13, 2025** – Indian stock markets experienced a significant downturn today, with the Sensex and Nifty indices falling sharply amidst a weakening rupee and global uncertainty. The Indian rupee plummeted to a record low of 86.62 against the US dollar, its steepest single-day fall in nearly two years, driven by a strengthening dollar and soaring crude oil prices. This decline follows a similar trend on Friday, where the rupee hit 86.31 against the dollar.

The Sensex opened with a considerable gap-down, trading at 76,775.24, down 603.67 points (0.78%). Similarly, the Nifty 50 index opened significantly lower at 23,195, currently trading at 23,220 (down 0.9%). Market analysts attribute the weakness to several factors, including uncertainty surrounding US trade policies and a slowdown in Indian economic growth. A further market correction of 4-6% is anticipated before a potential recovery.

Despite the broader market decline, some individual stocks performed better than others. Hindustan Unilever (HUL) showed resilience, with strong support around ₹2,400, suggesting a bullish short-term outlook. In contrast, several prominent companies experienced significant losses, including Adani Wilmar (down 6.42%), Jio Financial Services (down 3.63%), and others.

The IPO market saw mixed results. Standard Glass Lining Technology Ltd. saw its shares listed today after a successful IPO, while the retail portion of another IPO was oversubscribed 10.46 times. However, the QIB portion of the same IPO was only subscribed 0.12 times. The Laxmi Dental IPO also opened today.

Positive news included the completion of Epigral Ltd.’s Qualified Institutional Placement (QIP), raising Rs 333.05 crore, and Awfis Space Solutions receiving a “BUY” rating with a target price of Rs 1,000, fueled by robust growth potential in the flexible office space sector. Additionally, HCL Technologies is anticipated to report strong Q3 results later today.

Several companies announced significant developments: Afcons Infrastructure secured a contract for the construction of the Pune Ring Road, while Rulka Electricals Ltd. won new orders totaling Rs 10.53 crore. NLC India Renewables signed a joint venture agreement for green energy projects in Assam, and NBCC (India) Ltd. secured a project management consultancy role for a major development in Lucknow.

The overall market sentiment remains cautious, with analysts advising a “wait-and-watch” approach until greater clarity emerges regarding global economic conditions and US policies. The upcoming Union Budget 2025 is also expected to significantly influence market performance.

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