The rupee declined over 1% to hit a record low of 56.18 to the dollar and there was a more than 2% decline in European markets. The euro, commodities and commodity-linked currencies were all under pressure whereas safe-haven demand pushed the dollar index to 81.830. The euro hit a 21-month low against dollar too.
Indian share market pared losses in afternoon trade but ended lower in a session marked by volatility amidst the rupee touching a record low and global concerns over EU summit. Sensex shut shop at 15948, down 78 points, and Nifty at 4835, down 24 points from the previous close.
SHARE MARKET >>NIFTY TREND TOMORROW 24 MAY
Today's rangebound movement in the Nifty indicates most of the negatives have been already priced in as index held on its important levels towards close, it could see a bounce from these levels. Most negatives in the markets have been already priced in and the worst is behind us. We anticipate the markets to bounce back from the current levels and the rupee to rebound against the dollar. This is a large move and at some point rupee will also make some kind of a pullback. So chances are that if certain good news comes in globally or locally we could have one more excursion towards 4,950. The way the market is shaping up, it could well bounce from the 4,800 levels
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