The benchmark indices fell over 1%, extending losses for the fourth straight session, while the rupee hit its weakest point since early April amid concerns that the government’s plan for a stimulus to halt an economic slowdown may have a negative impact on the fiscal deficit.
The Sensex cracked 447 points, while the Nifty logged its steepest percentage fall since November 2016, ending below 10,000 marks. Broader markets undeperformed with the BSE Midcap and the BSE Smallcap indices losing over 2% each.
In view of the economic slowdown, the government may let the fiscal deficit to exceed this year's target as it considers a stimulus package in the range of Rs 40,000-50,000 crore by way of increased spending.
Global investor sentiment was also subdued after North Korea said it might test a hydrogen bomb in the Pacific Ocean and escalated a war of words with US President Donald Trump.
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