Indian Stock Market Bleeds; Currency Decline Impacts Sentiment
Indian Stock Market witnessed sell-off and the currency market made things worse for the country that has massive energy import bill. Indian government passed the Food Security Bill in the parliament yesterday which will offer grains at highly subsidized rates to poor people. However, the food bill will have huge impact on the financial condition of the country which is facing huge current account deficit and also faces sovereign downgrade.
Finance Minister and other officials however commented that the Food Security bill will not have major impact this fiscal. Economy experts see the bill as a decision motivated by the desire of Congress to win more votes in upcoming elections. The country is already having major impact due to subsidy on fuel.
BSE Sensex dropped 590 points as Indian rupee declined more than 2 percent. The USD went past Rs 66 strongly, mainly due to demand from importers who were seen buying dollars in the local market. The central bank has taken some measures to stem the fall in currency but the efforts have not given results.
Banking, Real Estate, Capital Goods and Power stocks were trading lower. The sentiment turned negative as majority of stocks were trading lower. Due to massive decline in Indian currency, the price of gold also went near its all-time high in India.
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