Equity benchmark indices reached fresh highs in early trade on Friday but were unable to maintain the gains, eventually trading lower due to sluggish global market trends. The 30-share BSE Sensex opened at an all-time high of 81,587.76 before falling by 166.93 points to 81,176.53. Similarly, the NSE Nifty fell 73.1 points to 24,727.75 after setting a new record high of 24,854.80 during the opening bell, reported PTI. According to the report, Sensex laggards included Tech Mahindra, UltraTech Cement, Tata Steel, JSW Steel, Sun Pharma, and Power Grid. Infosys, on the other hand, rose about 3 per cent after posting a 7 per cent increase in consolidated net profit to Rs 6,368 crore for the April-June quarter and upgrading its fiscal year growth forecast, signalling that the IT sector is improving. Other winners were Asian Paints, ITC, Nestle, and Adani Ports, the PTI report added. According to the report, Asian markets, including Seoul, Tokyo, Shanghai, and Hong Kong, were trading down. The US markets closed down on Thursday. Global oil benchmark Brent crude lost 0.41 per cent to USD 84.76 a barrel. Foreign Institutional Investors (FIIs) purchased securities worth Rs 5,483.63 crore on Thursday, according to exchange data. On Thursday, the BSE Sensex surged 626.91 points, or 0.78 per cent, to a new closing high of 81,343.46. The wider Nifty rose 187.85 points, or 0.76 per cent, to an all-time closing high of 24,800.85, the report added. Meanwhile, early on Friday, the rupee was only moving a little against the US dollar as demand from oil corporations and foreign investors offset the rupee's continued foreign money inflows. A resurgence in crude oil prices, according to forex traders, was detrimental to the currency. Furthermore, depreciating European and Asian currencies could worsen investor mood, stated another PTI report. According to the report, the local unit fluctuated within a limited range in the interbank foreign currency market. In relation to the US dollar, it reached an early high of 83.62 and a low of 83.65. The rupee fell 5 paise against the US dollar on Thursday, reaching an all-time low of 83.63.
12 September,2024 12:18 PM IST | Mumbai | mid-day online correspondent
The rupee declined 3 paise to 83.69 against the US dollar on Tuesday after the government raised tax rates on capital gains in the Union Budget for Fiscal Year 2025. As per the PTI report, the forex traders noted, a weak tone in the US dollar and weakness in crude oil prices also put pressure on the domestic unit, besides the raised tax rates on capital gains. At the interbank foreign exchange market, the local unit opened at 83.64. It touched an intraday high of 83.61 and an all-time intraday low of 83.72 against the dollar during the trading session, reported PTI. Registering a fall of 3 paise from its previous close, it finally settled at 83.69 against the US dollar. The rupee consolidated in a narrow range on Monday to settle 4 paise higher at 83.66 against the American currency. Head of Treasury and Executive Director of Finrex Treasury Advisors LLP, Anil Kumar Bhansali, said, "Dollar buying continued to be the theme after the increase in long-term capital gains (LTCG) and short-term capital gains (STCG) and then the removal of indexation benefits." He noted the rupee could soon weaken to 84 as the RBI manages the influx of US dollars. Meanwhile, according to the news agency, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.03 per cent at 104.34. Brent crude futures, the global oil benchmark, were trading higher by 0.24 per cent at USD 82.60 per barrel, reported PTI. Anuj Choudhary, a Research Analyst at Sharekhan by BNP Paribas, noted, "The rupee touched a record low of 83.72 after Finance Minister Nirmala Sitharaman raised tax rates on capital gains, which led to a decline in the domestic equity markets. The rupee opened higher earlier today on a weak tone in the US dollar and weakness in crude oil prices," according to PTI. "We expect the rupee to trade with a slight negative bias on weakness in the domestic markets. However, the decline in crude oil prices and the weak US dollar may support the rupee at lower levels. Any intervention by the RBI may also support the rupee. Traders may also take cues from existing home sales and Richmond manufacturing index data from the US. The USD/INR spot price is expected to trade in a range of Rs 83.40 to Rs 84," Choudhary added. As per the news agency report, the 30-share BSE Sensex fell 73.04 points or 0.09 per cent to settle at 80,429.04 points and the Nifty dropped 30.20 points or 0.12 per cent to 24,479.05 points, in the domestic equity market. The government on Tuesday proposed to rationalise the capital gains tax rate and holding period of various assets, including securities and immovable properties, in Union Budget 2024. Listed financial assets will have to be held for more than 1 year, while unlisted financial assets and all non-financial assets will have to be held for at least 2 years to qualify for long-term capital gains tax. As per the changes proposed in the Union Budget 2024, STCG on listed equity, equity-oriented mutual funds and units of a business trust has been increased to 20 per cent from 15 per cent. The LTCG on these securities is proposed to be hiked to 12.5 per cent from 10 per cent. LTCG up to Rs 1.25 lakh annually will be exempt from tax, up from Rs 1 lakh currently. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday as they sold shares worth Rs 2,975.31 crore, according to exchange data, reported PTI. (With inputs from PTI)
12 September,2024 12:18 PM IST | Mumbai | mid-day online correspondentIndia's key equity indices, the Sensex and Nifty, fell sharply in early trade on Wednesday after a record-breaking rise fuelled by negative trends in global markets. The BSE Sensex slid 721.75 points to 81,833.69, while the NSE Nifty dropped 196.05 points to 25,083.80. Major decliners among the 30 Sensex corporations included JSW Steel, Infosys, Larsen & Toubro, State Bank of India, Tata Steel, Mahindra & Mahindra, Bharti Airtel, and Axis Bank. However, Asian Paints, Bajaj Finserv, Bajaj Finance, and Hindustan Unilever all posted rises. Key indices in Seoul, Tokyo, Shanghai, and Hong Kong all fell sharply. This comes as US markets fell sharply on Tuesday, fuelled by concerns about growth and signs that US manufacturing may be contracting. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated that the possibility of a soft landing in the US economy, which has previously underpinned global markets, now appeared to be jeopardised. "The selloff in US markets yesterday (Tuesday) was triggered by growth concerns. There are indications of US manufacturing moving into contraction, thereby threatening the soft landing expectation, which has been the pillar of support for the mother market the US and consequently for other markets, too," said VK Vijayakumar. On Tuesday, the BSE Sensex fell 4.40 points to close at 82,555.44, bringing an end to a 10-day surge. Meanwhile, the Nifty gained 1.15 points to close at 25,279.85, its highest level ever. Over the last ten days, the BSE Sensex has risen by 2,135 points, or 2.61 per cent, while the Nifty has gained nearly 1,141 points, or 4.59 per cent, over 14 consecutive days of gains. Foreign Institutional Investors (FIIs) bought equities worth Rs 1,029.25 crore on Tuesday, according to exchange data. In currency markets, the Indian rupee rose 2 paise, finishing at 83.96 against the US dollar in early trade Wednesday. This was aided by a weaker dollar against key foreign currencies and a decline in crude oil prices. The dollar index, which measures the greenback against six major currencies, was down 0.14 per cent to 101.67, while Brent crude oil, the worldwide benchmark, fell 0.62 per cent to USD 73.29 a barrel in futures trading. On the interbank foreign exchange market, the rupee began at 83.96, up 2 paise from its previous close of 83.98 versus the US dollar on Tuesday. Amit Pabari, Managing Director at CR Forex Advisors, stated that a dramatic drop in oil prices, combined with the impact of US job data, contributed to the market's volatility.
04 September,2024 10:09 AM IST | Mumbai | mid-day online correspondentInflation in the 20 European Union countries that use the euro fell sharply to 2.2 per cent in August, opening the door for the European Central Bank to cut interest rates as the ECB and the US Federal Reserve prepared to lower borrowing costs to support growth and jobs. The August figure was down from 2.6 per cent in July, according to figures on Friday from European Union statistics agency Eurostat. Energy prices fell in August by 3 per cent, helping lower the overall figure, while inflation fell to 2 per cent in Germany, the eurozone's largest economy. The monthly figure is now close to the ECB's target of 2 per cent, the level considered best for the economy. The central bank is charged with maintaining stable prices under the treaty that set up the European Union. Not all of the EU's 27 countries use the euro. Economists expect the ECB to cut its key rate by a quarter point from 3.75 per cent at its September 12 meeting, while the Fed is expected to cut rates from a 23-year high of 5.25 per cent - 5.5 per cent at its September 17-18 policy meeting. This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever
30 August,2024 02:53 PM IST | Frankfurt | PTIThe Chairman and Managing Director of Reliance Industries Ltd (RIL) Mukesh Ambani on Thursday outlined an ambitious growth strategy for the conglomerate at the company’s annual general meeting as he announced the launching of "Jio AI-Cloud Welcome Offer," which will provide Jio users with up to 100 GB of free cloud storage. The offer, set to launch around Diwali. Mukesh Ambani on Thursday unveiled the next phase of growth at Reliance Industries Ltd, with retail and telecom worth over USD 100 billion each, doubling revenues and pre-tax profit in 3-4 years, new energy business becoming profitable by 2031, and core oil and chemical business continuing to be the robust growth engine. The sprawling conglomerate with interests in refining, oil and gas, petrochemicals, telecoms, retail, and media is on track to more than double in size before the end of the decade, Ambani, chairman and managing director of Reliance, told company shareholders. Mukesh Ambani highlighted that Reliance is not focused on short-term gains but on creating long-term value and energy security. He highlighted the company’s remarkable growth, noting that Reliance has become one of the world’s top 50 most valuable corporations and is on track to achieve its goal of doubling its value by 2027. The company is also progressing on several fronts, including its retail business, which now operates 19,000 stores across over 7,000 cities and is among the top global retailers. Jio, with 490 million users, has completed its 5G rollout and aims to expand its broadband services to 100 million homes. Key highlights of Ambani's roadmap include: - Reliance plans to double its revenues and pre-tax profits within the next 3-4 years. The retail and telecom sectors, each valued over USD 100 billion, are expected to play pivotal roles in this growth. - Reliance's new energy business is projected to become profitable by 2031. This sector will focus on green fuels and AI-driven solutions, which are anticipated to become major growth drivers. - The company's core oil and chemical business, which remains a robust growth engine, will see increased AI adoption. The launch of ‘Jio Brain’, a suite of AI tools and platforms, and the development of gigawatt-scale data centers in Jamnagar are part of this innovation push. - In a move likely to disrupt the telecom market, Reliance’s Jio will offer up to 100 GB of free cloud storage to its users. This follows Jio’s history of shaking up the market with its low-cost data and free voice services. - Reliance will invest Rs 75,000 crore in establishing a new energy ecosystem. This includes solar photovoltaic module production, advanced battery manufacturing, and electrolyser facilities. The company has also secured land for green fuel production and infrastructure development. - Reliance's board will consider issuing bonus shares in a 1:1 ratio, marking the first bonus issue since 2017. This is seen as a reward for shareholders who have supported the company’s growth.
29 August,2024 09:13 PM IST | Mumbai | mid-day online correspondentEquity benchmark indices Sensex and Nifty hit their all-time high levels on Thursday, driven by a rally in index majors Reliance Industries and Tata Motors. The 30-share BSE Sensex jumped 349.05 points or 0.43 per cent to settle at an all-time closing high of 82,134.61, extending its winning momentum to the eighth day in a row. During the day, it soared 500.27 points or 0.61 per cent to hit a lifetime intra-day peak of 82,285.83. Rallying for the 11th straight session, the NSE Nifty surged 99.60 points or 0.40 per cent to settle at a new closing high of 25,151.95. During the trade, the benchmark climbed 140.55 points or 0.56 per cent to hit a fresh record intra-day peak of 25,192.90. Among the 30 Sensex firms, Tata Motors jumped over 4 per cent, followed by Bajaj Finserv, Bajaj Finance, HCL Technologies, ITC, Reliance Industries, Tech Mahindra, Maruti and State Bank of India. Reliance Industries climbed nearly 2 per cent after Mukesh Ambani, chairman and managing director of the firm, said the board of the company will meet on September 5 to consider issuing bonus shares in the ratio of 1:1. "When Reliance grows, we reward our shareholders handsomely," Ambani said. Mahindra & Mahindra, Sun Pharma, JSW Steel, Kotak Mahindra Bank, Infosys and Tata Steel were among the biggest laggards. In Asian markets, Seoul, Tokyo and Shanghai settled in the negative territory, while Hong Kong ended higher. European markets were trading in the positive zone. The US markets ended lower on Wednesday. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,347.53 crore on Wednesday, according to exchange data. Global oil benchmark Brent crude declined 0.60 per cent to USD 78.27 a barrel. Rising for the tenth straight session on Wednesday, the NSE Nifty went up by 34.60 points or 0.14 per cent to settle at a new closing high of 25,052.35. The benchmark surged 111.85 points or 0.44 per cent to hit a fresh intra-day all-time peak of 25,129.60. Extending its winning run to the seventh day in a row, the BSE benchmark climbed 73.80 points or 0.09 per cent to settle at 81,785.56. This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever
29 August,2024 05:41 PM IST | Mumbai | PTIThe benchmark indexes Sensex and Nifty finished practically flat in a dull trading day on Monday, as investors elected to remain on the sidelines, waiting for new market triggers. Investors took profits in a few blue-chip stocks on concerns about high valuations. According to market observers, selective buying in metals, oil & gas, and IT companies helped to strengthen the indices, reported PTI. According to the report, in a day of range-bound trading, the 30-share BSE Sensex fell 12.16 points, or 0.02 per cent, to settle at 80,424.68. Throughout the session, it peaked at 80,724.40 and fell to 80,332.65. Meanwhile, the NSE Nifty gained 31.50 points, or 0.13 per cent, to close at 24,572.65. "The Indian market failed to maintain initial gains due to profit booking in auto stocks, driven by concerns over a demand slowdown. However, oil stocks gained momentum after the reduction in windfall tax on crude oil. The recent positive economic data from the US reduced fears of a recession, and a decline in the dollar index increased expectations of a rate cut in the upcoming September FOMC meeting," Vinod Nair, Head of Research at Geojit Financial Services told PTI. Reportedly, the greatest losers among the 30 Sensex corporations were Mahindra & Mahindra, IndusInd Bank, Bharti Airtel, Axis Bank, Tata Motors, and ICICI Bank. Tata Steel, Tata Consultancy Services, NTPC, JSW Steel, Asian Paints, and Reliance Industries fared well. "Markets traded within a narrow range due to low participation from traders, likely due to the Raksha Bandhan holiday. However, selective buying in metals, oil & gas, and IT shares helped the indices end mixed," said Prashanth Tapse, Senior Vice President (Research) at Mehta Equities Ltd. In the broader market, the BSE small-cap index jumped 1.33 per cent, while the mid-cap index rose 0.53 per cent, the report added. The news agency report further added that metals rose 2.28 per cent, oil and gas 1.76 per cent, energy 1.52 per cent, utilities 1.17 per cent, and commodities 1.02 per cent. However, the auto, banking, and capital goods sectors experienced drops. In Asian markets, Shanghai and Hong Kong closed higher, while Seoul and Tokyo closed lower. European markets were mainly trading higher, while US markets closed positively on Friday, the report added. "Markets started the week on a muted note and ended nearly flat, taking a breather after Friday's strong surge. After an initial rise, the Nifty traded within a narrow range," said Ajit Mishra, Senior Vice President (Research) at Religare Broking Ltd. On Friday, FIIs purchased equities worth Rs 766.52 crore, according to exchange statistics. Domestic Institutional Investors (DIIs) purchased securities worth ₹2,606.18 crore on that day. Osho Krishan, Senior Analyst - Technical & Derivatives at Angel One Ltd, said, "Going forward, it will be crucial to closely monitor the banking sector, as momentum in this sector could significantly boost market sentiments. With a lack of domestic triggers, global developments will likely influence market conditions, so it's important to stay informed about global trends." Global oil benchmark Brent crude fell 0.82 per cent to USD 79.03 per barrel. On Friday, the BSE Sensex rose 1,330.96 points, or 1.68 per cent, to close at 80,436.84, its largest single-day increase in more than two months. The NSE Nifty gained 397.40 points, or 1.65 per cent, to settle at a two-week high of 24,541.15.
19 August,2024 08:03 PM IST | Mumbai | mid-day online correspondentBenchmark equity indices Sensex and Nifty climbed in early trade on Monday amid buying in blue-chip stocks Reliance Industries and ITC along with encouraging participation from retail investors. According to stock market update, the 30-share BSE Sensex climbed 287.56 points to 80,724.40 in early trade. The NSE Nifty went up by 97.65 points to 24,638.80. Among the 30 Sensex firms, NTPC, Titan, Tata Steel, ITC, Reliance Industries, State Bank of India, Bajaj Finance and JSW Steel were the biggest gainers. Mahindra & Mahindra, Nestle, Tata Motors and Bharti Airtel were among the laggards. In Asian markets, Shanghai and Hong Kong quoted higher while Seoul and Tokyo traded lower. The US markets ended in the positive territory on Friday. Foreign Institutional Investors (FIIs) turned buyers on Friday as they bought equities worth Rs 766.52 crore, according to exchange data. Domestic Institutional Investors (DIIs) bought equities worth Rs 2,606.18 crore on Friday. "The complete dominance of the DII and retail investors over the market is the single major factor driving this bull run even though there are fundamental factors supporting the rally," V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, told PTI while speaking about the stock market update. "The index is now approaching a resistance zone near 24,700, with the potential to fill the 5th August downside gap. A decisive move above 24,550 could lead to further gains, with targets set around 24,700 and 25,000" Varun Aggarwal, MD, Profit Idea, told ANI while speaking about the stock market update. He further added "In technical terms, the Nifty 50's recent green candlestick pattern, coupled with its closing above the 50-day EMA suggests a bullish outlook. However, traders should focus on stocks consolidating at or below sector valuations for potential short-term gains". Global oil benchmark Brent crude dipped 0.19 per cent to USD 79.53 a barrel. The BSE benchmark jumped 1,330.96 points or 1.68 per cent to settle at 80,436.84 on Friday, marking its best single-day gains in more than two months. The NSE Nifty surged 397.40 points or 1.65 per cent to settle at a two-week high of 24,541.15. The Asian markets showed mixed results, with the Asia Dow up by 2.82 per cent while Japan's Nikkei 225 down by 0.42 per cent, South Korea's KOSPI marginally lower by 0.01 per cent, and the Shanghai Composite up by 0.14 per cent at the time of filing this report. The U.S. markets closed marginally higher on Friday, with the Nasdaq Composite up by 0.21 per cent, the S&P 500 gaining 0.20 per cent, and the Dow Jones Industrial Average rising 0.24 per cent. In the commodity market, the Oil prices were slightly lower, with WTI at USD 76.53 and Brent at USD 79.55. The U.S. Dollar Index traded 0.03 per cent higher at 102.43. (With inputs from PTI and ANI)
19 August,2024 10:32 AM IST | Mumbai | mid-day online correspondentEquity benchmark indices Sensex and Nifty bounced back sharply in early trade on Friday tracking a significant rally in the US and Asian markets along with buying in blue-chips Tata Consultancy Services and Reliance Industries. Rebounding from Thursday's decline, the 30-share BSE Sensex jumped 1,098.02 points to 79,984.24 in early trade. The NSE Nifty surged 270.35 points to 24,387.35, reported PTI. All the 30 Sensex firms were trading in the positive territory. Tata Motors, Tech Mahindra, Mahindra & Mahindra, HCL Technologies, Power Grid, NTPC, Tata Consultancy Services and Reliance Industries were the biggest gainers. In Asian markets, Tokyo, Seoul, Shanghai and Hong Kong were trading sharply higher. The US markets ended significantly higher on Thursday. "The sharp rebound in the US markets yesterday indicates that the recession fears were a bit overdone. The latest initial jobless claims came lower-than-expected indicating that the labour market is not loosening as many sceptics feared," V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said while talking about stock market update, reported PTI. "Asian markets this morning have opened stronger. Indian markets have seen over Rs 20,000 crores of FPI outflows in the cash equities segment in August so far. Fed Futures are indicating a 70 per cent probability of a 50 bps rate cut on Sep 18th by the Fed. In India, the RBI maintained its monetary policy stance," Ajay Bagga, Banking and Market Expert, told ANI while talking about the stock market update. He also added "On Thursday, the US markets rebound was broad-based, with many of the tech and momentum stocks that had suffered the most in the previous session leading the charge. An analysis by a leading international firm revealed that around 75 percent of the global carry trade had been reversed in the past few days of market mayhem. As the selling abates, buyers will bring back the positive momentum in markets". Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,626.73 crore on Thursday, according to exchange data. Global oil benchmark Brent crude climbed 0.14 per cent to USD 79.27 a barrel. The BSE benchmark declined 581.79 points or 0.73 per cent to settle at 78,886.22 in a volatile trade on Thursday. During the day, it tumbled 669.07 points or 0.84 per cent to 78,798.94, reported PTI. After a day's breather, the NSE Nifty retreated to settle lower by 180.50 points or 0.74 per cent to 24,117. During the day, it tanked 217.8 points or 0.89 per cent to 24,079.70. (With inputs from PTI and ANI)
09 August,2024 10:14 AM IST | Mumbai | mid-day online correspondentGold prices fell by Rs 1,100 to Rs 71,700 per 10 grams in the national capital on Tuesday due to low demand from jewellers. The previous session's closing price for 10 grams of the precious metal was Rs 72,800. According to the All India Sarafa Association, silver prices fell by Rs 2,200 to Rs 82,000 per kg in the fourth session, down from Rs 84,200 per kg in the previous transaction. Silver prices have decreased by Rs 4,200 per kg in four sessions since August 2, when they stood at Rs 86,000 per kg, reported PTI. According to the report, additionally, gold of 99.5 per cent purity fell Rs 1,100 to Rs 71,350 per 10 grams from Monday's closing price of Rs 72,450 per 10 grams. Traders ascribed the price decrease to reduced demand from jewellers and retail buyers. Dilip Parmar, Research Analyst at HDFC Securities, stated that the rupee's depreciation and increased physical demand ahead of the festive season are expected to support domestic gold prices. He noted that global uncertainty, central bank demand, and low interest rates are all positive for gold prices, the report added. Reportedly, in international markets, gold at the Comex declined by USD 20 to USD 2,409 per ounce. Manav Modi, Senior Analyst of Commodity Research at Motilal Oswal Financial Services, noted that gold lost more than 1 per cent on Monday due to a worldwide market sell-off triggered by economic concerns and the unwinding of the Yen carry trade. However, geopolitical worries and prospects of rate cuts are cushioning prices. "The Bank of Japan (BOJ) had a negative interest rate for more than 18 years, and a sudden increase in interest rates reduced the rate differential between Japan and the US, influencing a carry trade unwinding, and increasing pressures in major asset classes," Modi said. A weaker dollar is also helping metal markets, as bad US economic data has led traders to expect further cuts in US interest rates this year. Further negative economic data from the United States has alarmed market investors and raised concerns that the US economy may slow faster than projected, Modi added per the news agency report. Similarly, silver fell to USD 26.94 per ounce in New York. Kaynat Chainwala, AVP-Commodity Research at Kotak Securities, stated that Comex Gold (December) futures fell amid a tumultuous trading environment, reflecting a larger market sell-off across many asset classes. Financial markets are beginning to price in a probable US recession, with the Federal Reserve (Fed) expected to slash interest rates in September following weak manufacturing and employment figures, the PTI report stated. "Gold prices rebounded, closing the session above USD 2,440 per ounce on Monday, supported by a weak US dollar and softer Treasury yields," Chainwala added.
06 August,2024 05:54 PM IST | Mumbai | mid-day online correspondentStock markets surrendered early gains and settled lower in volatile trade on Tuesday with Sensex losing 166 points and Nifty ending below the 24,000 level due to fag-end selling in banking and telecom stocks. Falling for the third straight day, the 30-share BSE Sensex settled at 78,593.07, down 166.33 points or 0.21 per cent, as 17 of its constituents declined and 13 gained. The index opened sharply higher and rallied further 1,092.68 points or 1.38 per cent to a high of 79,852.08 on value-buying by investors. However, the barometer faltered later and hit a low of 78,496.57 as banking shares came under selling pressure. Similarly, the NSE Nifty declined 63.05 points or 0.26 per cent to settle below the 24,000 level at 23,992.55. The index surged 327 points or 1.35 per cent to 24,382.60 in intra-day trade but failed to hold onto gains. "The domestic market tried to rebound mirroring the Asian markets. However, momentum was short-lived and closed below the threshold level of 24,000. Investors are watching the appreciating Yen, weak US economic data, and rising geopolitical tensions," Vinod Nair, Head of Research, Geojit Financial Services said. From the 30 Sensex pack, State Bank of India, Mahindra & Mahindra, Bharti Airtel, Titan, HDFC Bank, IndusInd Bank, Axis Bank and Bajaj Finance were the biggest laggards. JSW Steel, Tech Mahindra, Larsen & Toubro, Hindustan Unilever, HCL Technologies and Reliance Industries were among the gainers from the pack. The RBI Monetary Policy Committee started three-day deliberations on Tuesday. The RBI governor will announce the bi-monthly policy on Thursday. Suman Bannerjee, CIO, Hedonova, said, "Amid persistent inflationary pressures, particularly due to rising food prices, the RBI is expected to maintain the current benchmark rate. This cautious approach is designed to balance economic growth with price stability." Asian markets also rebounded sharply, where Seoul, Tokyo, and Shanghai settled significantly higher. Hong Kong, however ended lower. Japan's benchmark Nikkei 225 share index soared as much as 10.7 per cent early Tuesday, a day after it plunged the most in 37 years. European markets were trading in the negative territory. The US markets ended with deep cuts on Monday. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 10,073.75 crore on Monday, according to exchange data. Global oil benchmark Brent crude climbed 0.30 per cent to USD 76.52 a barrel. The BSE benchmark plummeted 2,222.55 points or 2.74 per cent to settle at over a month's low of 78,759.40 on Monday, marking its worst single-day retreat since June 4, 2024. During the day, it tanked 2,686.09 points or 3.31 per cent to 78,295.86. The NSE Nifty slumped 662.10 points or 2.68 per cent to settle at 24,055.60. During the day, it tumbled 824 points or 3.33 per cent to 23,893.70. Nifty also saw its worst single-day fall since June 4, 2024, when markets crashed more than 5 per cent after the general election results. This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever
06 August,2024 04:11 PM IST | Mumbai | PTIADVERTISEMENT
