India's stock markets recover slightly after plunging on Monday
As of 9:40 am, BSE Sensex was up 0.15% or nearly 50 points at 37,970.72; Nifty was up 0.14% at 11,453. 90. Both the Sensex and Nifty had opened in green in early morning trade with the Sensex trading at 38,041 points and up 119 points in early morning trade before falling further to trade flat.
On Monday, India’s stock markets had plunged more more than 1% amid escalating
India’s widening current account deficit and the depreciating rupee were factors behind Monday’s market meltdown. According to RBI data released on Friday, the country’s CAD had widened to $15.8 billion compared to $15 billion in the year-ago quarter.
The Indian rupee meanwhile touched al all-time low of ₹72.67 against the dollar, becoming the the worst performing emerging markets currency in Asia. The rupee has depreciated nearly 13% since the beginning of the year.
In a double whammy for the
An escalating trade war between the US and China continues to weigh down on Asian stocks. On Friday, US President Donald Trump warned the country could move “very soon” to bring another round of tariffs on Chinese imports, which would bring tariffs on all of Chinese imports into the US, intensifying the trade war between the two countries. According to reports, China has also warned of retaliation should the US pursue these harsh measures.