Nifty Slips Below the Crucial 5500 mark as a Weakening Rupee

Nifty slips below the crucial 5500 mark as a weakening rupee spoils the party on Dalal Street. Stocks halt a 3-day rally as investors turn sellers in index heavyweights like HDFC and Reliance. Most sectoral indices trade in the red with the Bank Nifty slipping nearly a percent

Rupee weakens further as the greenback strengthens against its overseas peers. Renewed dollar demand from importers coupled with concerns over economic growth sends the currency spiraling past the 66.50 mark.

 At the time of closing Nifty - 5341