Equities settle low on weak rupee, possible global policy hardening stance

New Delhi, May 9 Indian benchmark equity indices started the week on a negative note, amid lingering concerns over the weakening rupee and global interest rate hikes.

Tightening lockdowns in China to curb Covid spread also weighed on the market sentiment.

"The relentless rise in the US dollar index owing to interest rate hikes and rising US treasury yield hammered investor's risk appetite. Strong US jobs data indicated possibilities of faster rate hikes forcing investors to opt for safe-haven assets," said Vinod Nair, Head of Research at Geojit Financial Services.

Sensex settled at 54,470.67 points, down 364.91 points or 0.67 per cent, whereas Nifty at 16,301.85 points, down 109.40 points or 0.67 per cent.

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