Stock market update: Markets decline in early trade on weak trends

Equity benchmark indices Sensex and Nifty declined in early trade on Wednesday amid continuous foreign fund outflows weak trends from Asian markets and selling in banking stocksThe 30share BSE Sensex declined 13858 points or 017 per cent to 8066428 in early trade The NSE Nifty snapped its fourday rally and slipped 1520 points to 2468365 reported PTIFrom the 30 Sensex firms UltraTech Cement Kotak Mahindra Bank Tech Mahindra ICICI Bank HDFC Bank IndusInd Bank Power Grid and Axis Bank were the laggardsLarsen amp Toubro Bharti Airtel Nestle India Hindustan Unilever Bajaj Finserv and Adani Ports were among the gainersIn Asian markets Tokyo Shanghai Hong Kong and Seoul were trading lower on Wednesday The US markets settled lower on TuesdayForeign Institutional Investors FIIs again turned sellers on Tuesday as they offloaded equities worth Rs 145796 crore according to exchange data reported PTIDomestic Institutional Investors DIIs bought equities worth Rs 225210 crore on Tuesday reported PTIThe trend of FII selling and DII buying continues But the fall in the dollar index has the potential to arrest the trend of FII outflows But big FII investment will happen only if Indian valuations correct which appears unlikely in the present context of sustained domestic inflows V K Vijayakumar Chief Investment Strategist at Geojit Financial Services told PTI while sharing an update on stocks market updateDespite high valuations the undertone of the market continues to be bullish Vijayakumar addedGlobal oil benchmark Brent crude declined 011 per cent to USD 7709 a barrel reported PTIThe 30share BSE Sensex rebounded 37818 points or 047 per cent to settle at 8080286 Rising for the fourth consecutive session the NSE Nifty surged 12620 points or 051 per cent to 2469885 reported PTIMeanwhile the Indian rupee depreciated by 7 paise to 8384 against the US dollar in early trade on Wednesday tracking subdued domestic equity market trend and unabated outflow of foreign capital reported PTIA weak American currency and lower crude prices however supported the local unit and prevented its sharp fall forex traders saidAt the interbank foreign exchange the rupee opened weak at 8379 and lost further to 8384 against the greenback declining 7 paise from its previous days closing level of 8377 reported PTIThe rupee settled 10 paise higher at 8377 against the American currency on Tuesday a day after gaining 8 paiseThe dollar index which gauges the greenbacks strength against a basket of six currencies was trading marginally higher by 002 per cent to 10131With inputs from PTI