Global cues led to a 1000-point cut in the S&P BSE Sensex in opening trade on Thursday which pushed the index below 34,000 while for the Nifty50, the cut was over 300 points.
Benchmark indices cracked at open with Sensex down nearly 1000 pts and Nifty below 10,200 levels following Asian share markets that sank on Thursday after Wall Street suffered its worst drubbing in eight months.
Indian rupee touched a fresh record low of 74.46 per dollar. It opened lower by 10 paise at 74.30 per dollar versus previous close 74.20.
It also raised the stakes for US inflation figures due later on Thursday as a high outcome would only stoke speculation of more aggressive rate hikes from the Federal Reserve.
RBI’s decision to inject Rs. 12,000 crore of liquidity into the system through purchase of government bonds on October 11 to meet festive season demand for funds also boosted the sentiment.