Nifty loses 2% in dollar terms since Jan 1 as rupee slips
After being among the top performers globally in the last quarter of 2018, Indian equities appear to have lost steam, with the Nifty yielding a negative 2 per cent in dollar terms in the year to date period and the rupee falling by a similar percentage point against the world’s reserve currency.
By Adviser Street, 15 of the most-widely tracked global indices are in the green, putting the spotlight on the potential returns this quarter for overseas investors who collectively own about 44 per cent of the free float in Indian equities.
The retreat was paced by heavy weights: Larsen & Toubro, the country’s biggest engineering company, lost 15.7 per cent (or 13.6 per cent in rupee terms) after its proposed buy back offer failed to get the regulator’s approval. IndusInd Bank NSE -0.70 %, ICICI Bank NSE 0.31 %, Maruti Suzuki India and HDFC Bank NSE 0.19 % were the other stragglers. These stocks corrected between 5.4 per cent and 7.7 per cent in dollar terms
After the nifty hit a near 4 – term low early October, these stocks led the revival of the broadest local indices, helping make India feature on the leader board globally last quarter.
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