Rupee Crashes To Record Low, Sensex Settles 633 Pts higher

Mumbai: The benchmark indices extended gains for a third straight session on Wednesday with the BSE Sensex rising 633 points (0.83 per cent) to close at 76,704, while the Nifty 50 rose 197 points to end the session at 23,778. The recovery was supported by easing oil prices, and a rally in global markets. The gains added more than Rs 5 lakh crore to the total market capitalisation of all BSE-listed companies, taking it to nearly Rs 439 lakh crore. During the day, the Sensex soared 858 points or 1.1 per cent to day’s high of 76929 while Nifty 50 opened 51 points higher, steadily adding to intraday gains until noon, and touched a day's high of 23,862.

Brent crude slipped to $101 a barrel during the day before firming to $103.20 a barrel by the end of Indian trading hours, compared with $102.80 a barrel in the previous session.

Top gainers included Jio Financial, Eternal, Tech Mahindra, and HCL Tech, while Cipla, Coal India, and HUL led the laggards amid selling pressure. All sectoral indices closed in the green except Nifty FMCG and metals with media, IT, and realty posting the strongest advances. Midcaps and Smallcaps outperformed, as the Nifty Midcap 100 rose 2.02 per cent and the Nifty Smallcap 100 gained 1.67 per cent. The market breadth stayed positive for the second day, with the BSE advance-decline ratio hitting 2.91, underscoring broad-based bullishness.

Vinay Rajani, Senior Technical Research Analyst, HDFC Securities said, “From the recent swing low of 22,953, Nifty has recovered over 900 points and reclaimed levels above 23,664 for the first time since February 26, 2026. Resistance now lies at 23,860–24,000, with support shifting higher to 23,350.”

Hariprasad K, research analyst and founder, Livelong Wealth said, “Going ahead, sustainability will depend on global cues, particularly the outcome of the Federal Reserve policy decision and movement in crude oil prices. While the current structure supports a continuation of the pullback, markets may remain sensitive to external triggers at higher levels.”

However, despite the rally in equities over the last three days, the rupee crashed to a historic low of 92.64 per dollar amid sustained importer demand for dollars by oil marketing companies. Aggressive importer demand overshadowed strong risk appetite and softer crude prices, triggering a sharp sell-off. Goldman Sachs Group Inc has warned that the Indian Rupee could tumble to 95 against the US Dollar.

“The rupee remains under pressure in our view, given the current account deficit is widening,” Santanu Sengupta, Goldman Sachs’ chief economist for India said in an interview.

Traders said that the RBI allowed 92.50 to be breached after the rupee made a new intra-day low of 92.6400. All eyes are now on the Fed’s decision and commentary which would determine the course of the dollar index.

At the interbank foreign exchange market, the rupee opened at 92.41. It made a high of 92.64 and a low of 92.40 before closing at 92.63, down 28 paise compared to its previous close of 92.37.

Meanwhile, the dollar index which measures the greenback against a basket of six major currencies was at 99.57 compared to 99.78 a day earlier.