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Home > Business News > Business News > Article > Markets decline in early trade after record rally

Markets decline in early trade after record rally

Updated on: 05 July,2024 12:09 PM IST  |  Mumbai
mid-day online correspondent |

The 30-share BSE Sensex fell 504.27 points to 79,545.40, while the NSE Nifty tumbled 105.30 points to 24,196.85

Markets decline in early trade after record rally

Representative image

Benchmark equity indices fell in early trade on Friday, suggesting profit-taking following a record run in recent trading sessions and selling pressure in blue-chip companies such as HDFC Bank and ICICI Bank. The 30-share BSE Sensex fell 504.27 points to 79,545.40, while the NSE Nifty tumbled 105.30 points to 24,196.85, reported PTI. 


According to the report, key laggards among the 30 Sensex businesses were HDFC Bank, Mahindra & Mahindra, Titan, Tata Steel, ICICI Bank, IndusInd Bank, Power Grid, and Kotak Mahindra Bank. Sun Pharmaceuticals, JSW Steel, Larsen & Toubro, Hindustan Unilever, Reliance Industries, Infosys, and Tech Mahindra, on the other hand, saw gains.


Foreign institutional investors (FIIs) were net purchasers in the capital markets on Thursday, buying shares worth Rs 2,575.85 crore, according to exchange data.


"FIIs' huge long position in the index derivatives and strong buying in the cash market can support the market in the near term. An important trigger may come from the US jobs data expected on Friday. If the jobs data show a loosening labour market and a slowing economy, it can lead to rate cuts by the Fed in September," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services told PTI. 

Seoul led Asian markets up, but Tokyo, Shanghai, and Hong Kong fell. "Most markets in the Asia-Pacific region traded lower due to the absence of cues from US peers, with investors keenly awaiting the non-farm payroll data to be published later on Friday," said Avdhut Bagkar, Technical and Derivatives Analyst at StoxBox.

On Thursday, the US markets were closed for Independence Day.

Global oil benchmark Brent crude fell 0.37 per cent to USD 87.11 per barrel, according to the PTI report. 

On Thursday, the 30-share BSE Sensex hit an intraday record high of 80,392.64 in early trade before finishing 62.87 points, or 0.08 per cent higher at 80,049.67, its all-time closing high. The broader Nifty also reached an intraday high of 24,401 before finishing practically flat, up 15.65 points or 0.06 per cent to a record 24,302.15.

The rupee rose 5 paise to 83.45 against the US dollar in early trade on Friday, as the US currency fell from its highs and was backed by large foreign money inflows.
At the interbank foreign exchange market, the local currency opened at 83.48 and rose to 83.45 versus the US dollar, up 5 paise from the previous close, stated another PTI report. 

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