Equity benchmark indices declined in early trade on Monday in tandem with a weak trend in global markets and foreign fund outflows. The 30-share BSE Sensex dropped 281.74 points to 80,902.19. The NSE Nifty declined 81.45 points to 24,770.70. Among the 30 Sensex firms, Adani Ports, Tata Steel, NTPC, Power Grid, Mahindra & Mahindra and Tata Motors were the biggest laggards. Hindustan Unilever, Asian Paints, Infosys and Tata Consultancy Services were among the gainers. In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading lower. The US markets ended significantly lower on Friday. "The stock markets have taken a sharp bearish turn, with sentiment shifting from optimism about cooling US inflation to concerns over a potential US economic slowdown. Friday's weaker-than-expected jobs data has reignited fears of a recession, further compounded by soft manufacturing updates," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said while speaking on the stock market update, reported PTI. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 620.95 crore on Friday, according to exchange data. "Two factors are likely to weigh on markets: one, the outcome of the US presidential elections and two, the Fed decision on rate cut," V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said while speaking on the stock market update, reported PTI. Global oil benchmark Brent crude climbed 1.24 per cent to USD 71.94 a barrel. The BSE benchmark had tumbled 1,017.23 points or 1.24 per cent to settle at 81,183.93 on Friday. The NSE Nifty dropped 292.95 points or 1.17 per cent to 24,852.15. Rupee trades in narrow range against US dollar in early trade The rupee traded in a narrow range on Monday and appreciated 1 paisa to 83.94 against the American currency, amid a muted trend in domestic equities. Forex traders said easing crude oil prices and overall weakness in the dollar index supported the rupee, but the Reserve Bank's active intervention kept the rupee in a tight range. At the interbank foreign exchange market, the local unit moved in a narrow range. It opened at 83.96 against the American currency and touched 83.85 in initial trade. It was later trading at 83.95 against the greenback, unchanged from its previous close. On Friday, the rupee gained 2 paise to close at 83.95 against the US dollar. The Indian rupee is expected to be range bound with the market awaiting to see when the Reserve Bank of India (RBI) would allow a move above 84.00. (With inputs from PTI)
09 September,2024 10:37 AM IST | Mumbai | mid-day online correspondentBenchmark equity indices declined in early trade on Friday tracking a weak trend in global markets and fresh foreign fund outflows. Falling for the third day running, the 30-share BSE Sensex declined 233.98 points to 81,967.18 in early trade. The NSE Nifty dropped 60 points to 25,085.10, reported PTI. Among the 30 Sensex firms, State Bank of India, UltraTech Cement, Reliance Industries, NTPC, ICICI Bank and Titan were the biggest laggards. Bajaj Finance, Bajaj Finserv, Hindustan Unilever, Asian Paints and IndusInd Bank were among the gainers. In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading lower. The US markets ended mostly in the negative territory on Thursday. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 688.69 crore on Thursday after days of remaining buyers, according to exchange data. Meanwhile, global oil benchmark Brent crude dipped 0.07 per cent to USD 72.64 a barrel. "The near-term trend in the market will be influenced by the US jobs data to be published tonight," V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said will speaking about the stock market update, reported PTI. "US Monthly Payrolls data day is here. Another poor report will raise chances for a 50 bps cut on September 18. A strong report will limit expectations to a 25 bps cut. US markets have been seeing outflows in the last two weeks and we expect this trend to continue as investors take a risk off stance going into Sep 18th. Indian markets will take their cues from these global developments. Expect volatility and weak markets. Positions will be kept light given the event risk this evening from the US Payrolls data," said Ajay Bagga, Banking and Market Expert, aid will speaking about the stock market update, reported ANI. The BSE benchmark on Thursday failed to hold on to initial gains and declined 151.48 points or 0.18 per cent to settle at 82,201.16, reported PTI. The NSE Nifty dipped 53.60 points or 0.21 per cent to 25,145.10 despite a positive beginning of the trade, reported PTI. Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said, all eyes are now on the upcoming August US jobs report on Friday. Rupee opens 2 paise higher at 83.95 against US dollar Rupee rose by 2 paise to 83.95 against the US dollar in early trade on Friday amid a weaker dollar against major currencies overseas. An upward movement in the international crude oil prices, negative domestic equity markets and outflow of foreign capital capped gains in the local unit, forex traders said. At the interbank foreign exchange market, the rupee opened 1 paisa higher at 83.96 against the greenback. The domestic unit had settled 4 paise higher at 83.97 on Thursday. On Wednesday, the rupee had breached the crucial 84-mark for the second time within a month and settled 3 paise lower at 84.01 against the American currency. (With inputs from PTI and ANI)
06 September,2024 10:36 AM IST | Mumbai | mid-day online correspondentBenchmark equity indices rebounded in early trade on Thursday amid steady foreign fund inflows along with buying in frontline stocks Reliance Industries and HDFC Bank. The 30-share BSE Sensex rebounded 264.85 points to 82,617.49 in early trade. The NSE Nifty climbed 76.75 points to 25,275.45, reported PTI. Among the 30 Sensex firms, UltraTech Cement, Tata Steel, ITC, Titan, ICICI Bank, JSW Steel, Reliance Industries and HDFC Bank were the biggest gainers. Nestle, Bharti Airtel, Bajaj Finserv, Bajaj Finance and Mahindra & Mahindra were among the laggards. In Asian markets, Seoul and Shanghai were trading higher while Tokyo and Hong Kong quoted lower. The US markets ended on a mixed note on Wednesday. Foreign Institutional Investors (FIIs) bought equities worth Rs 975.46 crore on Wednesday, according to exchange data. "FIIs turning net buyers of domestic equities in past few sessions has been lending a major support," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said while speaking on the stock market update, reported PTI. While speaking about the stock market update, Ajay Bagga, Banking and Market Expert told ANI, "We expect markets to remain volatile going into tomorrow's US August payrolls data and unemployment number. US equities are seeing strong outflows. The shadow of the still pending further unwinding of the Yen carry trade looms on US Big Tech stocks which have been recipients of these investments. India is seeing buying at every dip and that provides strength to the markets. Indian futures are pointing to a positive open but caution remains on the US data and the Yen unwinding expected ahead." India's services sector activity growth touched a five-month high in August on stronger rise in new work orders, while payroll numbers rose solidly as companies remained upbeat regarding the economic outlook, a monthly survey said on Wednesday. The BSE benchmark dropped 202.80 points or 0.25 per cent to settle at 82,352.64 on Wednesday. Snapping its 14-day rally, the Nifty declined 81.15 points or 0.32 per cent to 25,198.70. The Nifty had surged nearly 1,141 points or 4.59 per cent in 14 straight days, reported PTI. Meanwhile, global oil benchmark Brent crude traded 0.19 per cent higher at USD 72.84 a barrel. Rupee rises 4 paise to 83.97 against US dollar in early trade The rupee appreciated by 4 paise to 83.97 against US dollar in early trade on Thursday supported by weakening of the American currency in the overseas market and a positive trend in domestic equities. Forex traders said an overall drop in crude oil prices and foreign fund inflows aided investor sentiments. At the interbank foreign exchange market, the local unit opened at 83.98, then inched further to touch 83.97, registering a rise of 4 paise from its previous close. On Wednesday, the rupee breached the crucial 84-mark for the second time within a month and settled 3 paise lower at 84.01 against the American currency. (With inputs from PTI and ANI)
05 September,2024 10:09 AM IST | Mumbai | mid-day online correspondentBenchmark equity indices declined in early trade on Tuesday due to emergence of profit-taking after a record rally. According to latest stock market update, weak trends from Asian peers also contributed to the tepid investors' sentiment in the domestic equity market during the early deals, reported news agency PTI. The 30-share BSE Sensex declined 78.28 points to 82,481.56 in early trade. The NSE Nifty dipped 23.6 points to 25,255.10, as per the stock market update, reported PTI. Among the 30 Sensex firms, Bajaj Finance, Bajaj Finserv, Infosys, ICICI Bank, Tech Mahindra and Titan were the biggest laggards. ITC, Sun Pharma, Hindustan Unilever and Nestle were among the gainers. In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading lower. The US markets were closed on Monday for the Labour Day holiday. Foreign Institutional Investors (FIIs) bought equities worth Rs 1,735.46 crore on Monday, according to exchange data, reported PTI. Global oil benchmark Brent crude declined 0.40 per cent to USD 77.21 a barrel. Surging for the 10th straight session on Monday, the BSE benchmark jumped 194.07 points or 0.24 per cent to settle at an all-time closing high of 82,559.84. During the day, it surged 359.51 points or 0.43 per cent to reach a new intra-day record peak of 82,725.28, reported PTI. The Nifty climbed 42.80 points or 0.17 per cent to settle at a lifetime closing high of 25,278.70, taking its winning run to the 13th day in a row. During the day, it soared 97.75 points or 0.38 per cent to hit a fresh all-time intra-day peak of 25,333.65, reported PTI. In a 13-day gaining streak since August 14, the Nifty has rallied 4.72 per cent or nearly 1,140 points. The BSE benchmark has jumped 2.65 per cent or 2,135.16 points in its 10 straight days of gains, reported PTI. Rupee falls 4 paise to 83.95 against US dollar The rupee declined 4 paise to 83.95 against the US dollar in early trade on Tuesday due to a stronger greenback in global markets and weak domestic manufacturing data. A decline in the domestic equity market also contributed to the drop in the local unit, forex traders said. At the interbank foreign exchange market, the rupee opened at 83.94, lower by 3 paise from its previous close before dropping further to 83.95. The unit had settled at 83.91 against the US dollar on Monday. (With inputs from PTI)
03 September,2024 10:20 AM IST | Mumbai | mid-day online correspondentEquity benchmark indices Sensex and Nifty hit their new all-time high levels during early trade on Friday, amid the ongoing bullish rally in domestic stocks, tracking firm trends in Asian markets and fresh foreign fund inflows. The 30-share BSE Sensex jumped 502.42 points to hit a fresh all-time high of 82,637.03 in early trade. The NSE Nifty surged 105.7 points to hit a new record peak of 25,257.65, reported PTI. Among the 30 Sensex firms, Bajaj Finserv, HDFC Bank, Titan, Bajaj Finance, NTPC, Power Grid, Asian Paints and HCL Technologies were the biggest gainers. Tata Motors and Sun Pharma were the laggards. In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading with gains. The US markets ended on a mixed note on Thursday. Foreign Institutional Investors (FIIs) bought equities worth Rs 3,259.56 crore on Thursday, according to exchange data. Domestic Institutional Investors also bought equities worth Rs 2,690.85 crore. "Continuation of accumulation of quality large-caps by the DIIs (Domestic Institutional Investors) and HNIs and the FIIs reducing their selling significantly and buying on certain days have contributed to the resilience of the market," V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said while speaking about the stock market update, reported PTI. "Indian markets are expected to record a two decades high successive positive days run rate today. GDP is expected to come a little soft this evening. A lower than expected GDP number could lead to markets seeking a rate cut by the RBI at its October MPC meeting," Ajay Bagga, Banking and Market Expert, said while speaking about the stock market update, reported PTI. He further highlighted that "This year's rally has been driven by domestic Indian flows, with FIIs contributing just USD 2.6 billion this year versus the USD 22 billion in 2023. Moody's increased their estimate of Indian GDP for both 2024 and 2025 while decreasing the inflation outlook number". Global oil benchmark Brent crude climbed 0.23 per cent to USD 80.12 a barrel. While speaking about the stock market update, Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said, key catalysts for a market rally include substantial FII buying, positive global cues, and upbeat US GDP data, reported PTI. The BSE benchmark jumped 349.05 points or 0.43 per cent to settle at an all-time closing high of 82,134.61 on Thursday, extending its winning momentum to the eighth day in a row. Rallying for the 11th straight session, the Nifty surged 99.60 points or 0.40 per cent to settle at a new closing high of 25,151.95. (With inputs from PTI and ANI)
30 August,2024 10:22 AM IST | Mumbai | mid-day online correspondentEquity benchmark indices declined in early trade on Thursday amid weak trends from global markets but soon turned positive and were trading marginally higher. The 30-share BSE Sensex declined 102.78 points to 81,682.78 in early trade. The NSE Nifty dipped 34.85 points to 25,017.50, reported PTI. However, recovering the early lost ground, the BSE benchmark gauge later traded 64.07 points up at 81,846.33 while the Nifty quoted 17.40 points higher at 25,070.15. Among the 30 Sensex firms, UltraTech Cement, HCL Technologies, Tata Steel, JSW Steel, Axis Bank, Maruti, Bharti Airtel and Power Grid were the biggest laggards. Bajaj Finserv, Hindustan Unilever, HDFC Bank and Tata Motors were among the gainers. In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading in the negative territory. 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 climbed 0.11 per cent to USD 78.74 a barrel. "The Nifty is expected to face choppy waters ahead, with uncertainty in market direction. The downturn in US tech stocks, particularly Nvidia's recent decline despite strong earnings, has contributed to this caution," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said while speaking on stock market update, reported PTI. "The management guidance from Nvidia has disappointed some segments of the markets this morning in Asia. AI and semiconductor stocks are falling, and MSCI Asia is down 0.5 per cent, while Nvidia itself is down 8 per cent in U.S. after-market trading," Ajay Bagga, Banking and Market Expert, said while speaking on stock market update, reported ANI. He further added, "In India, FIIs had a net cash segment outflow number for Indian markets on Wednesday. Expect a consolidating market that tries to break out further from its fresh all-time high levels. The IT sector could see some profit booking on the back of the bellwether Nvidia's below-expectation guidance," reported ANI. 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. (With inputs from PTI and ANI)
29 August,2024 10:33 AM IST | Mumbai | mid-day online correspondentStock market benchmark indices turned flat after beginning the trade on a positive note on Wednesday amid profit-taking in line with weak trends in Asian peers. The 30-share BSE Sensex climbed 128.81 points to 81,840.57 in early trade. The NSE Nifty went up by 30.4 points to 25,048.15. However, soon both the benchmark indices faced profit-taking and were trading lower. The BSE benchmark traded 42.46 points lower at 81,682.57 while the Nifty quoted 21.60 points down at 24,996.15. Among the 30 Sensex firms, Mahindra & Mahindra, Power Grid, Tata Motors, Titan, Sun Pharma, ITC and Reliance Industries were the biggest gainers. Bajaj Finserv, JSW Steel, Tata Steel, Tata Consultancy Services, HCL Technologies and Maruti were among the laggards. In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading lower. The US markets ended with marginal gains on Tuesday. What experts said on stock market update "The market has entered a consolidation phase with low volatility and this trend is likely to continue in the near-term. Falling bond yields in the US has restrained FII selling and they have even turned marginal buyers. Going by previous trends, DIIs are likely to sell if FIIs continue to buy. This trend will keep the market within a range with a slight upward bias. This is a desirable and healthy trend, given the elevated valuations in the market," V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said while speaking on stock market update. Foreign Institutional Investors (FIIs) bought equities worth Rs 1,503.76 crore on Tuesday, according to exchange data. Domestic Institutional Investors (DIIs) offloaded equities worth Rs 604.08 crore. Global oil benchmark Brent crude climbed 0.14 per cent to USD 79.66 a barrel. After oscillating between highs and lows, the BSE benchmark eked out a marginal gain of 13.65 points or 0.02 per cent to settle at 81,711.76 on Tuesday. The NSE Nifty ended almost flat, up 7.15 points or 0.03 per cent, at 25,017.75 -- its ninth straight session of gains. Rupee falls 2 paise to 83.95 against US dollar in early trade Meanwhile, rupee depreciated 2 paise to 83.95 against the US dollar in morning trade on Wednesday, weighed down by a muted trend in domestic equities. Forex traders said from a macroeconomic standpoint, the rupee's downside appears well-contained, with the 84-level acting as a crucial support, likely bolstered by expected RBI intervention to prevent further depreciation. At the interbank foreign exchange market, the local unit opened at 83.94, then lost further ground and touched 83.95, registering a loss of 2 paise from its previous close. On Tuesday, the rupee depreciated by 6 paise to close at 83.93 against the American currency. According to CR Forex Advisors MD Amit Pabari the Reserve Bank's interventions not only seem to limit the rupee's downside but also cap its appreciation. "This was evident earlier in the week when, despite significant dollar weakness, the rupee remained steady, unlike other emerging market currencies that experienced notable gains," Pabari said while speaking on stock market update. The rupee is expected to trade within a narrow range in the near term, with an upside limit around 83.80 and solid support near 84.05, with a broader range of 83.60 to 84.05 in the medium term, Pabari added. (With imnputs from PTI)
28 August,2024 10:15 AM IST | Mumbai | mid-day online correspondentStock market benchmark indices Sensex and Nifty climbed in early trade on Monday following a rally in the US peers and foreign fund inflows. Markets began the trade on an optimistic note following the US Fed Chair Jerome Powell's recent speech at the Jackson Hole meeting, where he said that time has come for loosening of policy, indicating possible rate cuts in September, reported news agency PTI. The 30-share BSE Sensex climbed 312.33 points to 81,398.54 in early trade. The NSE Nifty rallied 94.15 points to 24,917.30. Among the 30 Sensex firms, Tech Mahindra, Tata Consultancy Services, Tata Motors, Power Grid, HDFC Bank and Bajaj Finance were the biggest gainers. ITC, Sun Pharma, UltraTech Cement and Adani Ports were among the laggards. In Asian markets, Hong Kong quoted in the positive territory while Seoul, Tokyo and Shanghai traded lower. The US markets ended with significant gains on Friday. "The Fed chief Powell's clear message of the beginning of the rate cutting cycle will impart further resilience to the ongoing global rally in stock markets," V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said while speaking about the stock market update. Foreign Institutional Investors (FIIs) bought equities worth Rs 1,944.48 crore on Friday, according to exchange data. Global oil benchmark Brent crude climbed 0.61 per cent to USD 79.50 a barrel. Jerome Powell's dovish speech at Jackson Hole, where he hinted at a potential rate cut in September has reignited investor optimism, Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said while speaking about the stock market update. Ajay Bagga, a banking and market expert, said on the stock market update, "A strong market up move in the US markets following the Jackson Hole comments of Fed Chair Powell was expected to help the Asian markets rally as well. However, elevated Middle East tensions have enhanced geopolitical risk today and Asian markets are mixed," reported ANI. He added, "We expect Indian markets to shrug off this till the conflict is limited to extra-state actors like Hezbollah and not a direct action by Iran. We expect the Indian markets to cross previous all-time highs this week unless geopolitical risks lead to a risk of global selling which is still a low probability event." Rising for the fourth straight session on Friday, the BSE benchmark ended 33.02 points or 0.04 per cent higher at 81,086.21. The NSE Nifty edged up 11.65 points or 0.05 per cent to close at 24,823.15, registering gains for the seventh session in a row. (With inputs from PTI and ANI)
26 August,2024 10:17 AM IST | Mumbai | mid-day online correspondentBenchmark equity indices Sensex and Nifty advanced in early trade on Thursday, following a firm trend in global markets along with buying in blue-chip stocks such as HDFC Bank and Infosys. The 30-share BSE Sensex climbed 204.04 points or 0.25 per cent to 81,109.34 in early trade. Rising for the sixth straight session, the NSE Nifty advanced 49.55 points to 24,819.75, reported PTI. While talking about stock market update, market analysts said the Indian equities opened on a positive note Thursday as oil prices continued to fall on demand concerns, and minutes from the most recent Federal Reserve meeting hinted at potential rate cuts amid signs of easing inflation and a rising unemployment rate, reported PTI. "The most likely scenario now is a Fed turning dovish and starting the rate cut cycle with a 25 bp rate cut in September indicating further cuts to follow. This can keep the markets stable since the room for uncertainty is coming down," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, told PTI while talking about stock market update. From the Sensex pack, Bharti Airtel, Infosys, Asian Paints, Tata Steel, State Bank of India, HDFC Bank, ICICI Bank and Tech Mahindra were the gainers. On the contrary, Power Grid, Tata Consultancy Services, Tata Motors, Mahindra & Mahindra, NTPC and Adani Ports and Special Economic Zone were among the laggards. Meanwhile, Foreign Institutional Investors (FIIs) sold equities worth Rs 799.74 crore on Wednesday, according to exchange data. Meanwhile, Domestic Institutional Investors (DIIs) again bought equities worth Rs 3,097.45 crore on Wednesday. "In institutional activity, the trend of sustained buying by DIIs and sustained selling by FIIs continues. But the intensity of FII selling is declining," Vijayakumar said, adding that retail investors are likely to continue with the buy-on-dips strategy which has been a consistently successful strategy in this bull market, reported PTI. In Asian markets, Tokyo and Hong Kong were trading in the green territory, while Shanghai and Seoul were quoting lower on Thursday. US markets closed on a higher note on Wednesday. Global oil benchmark Brent crude fell 0.03 per cent to USD 76.03 a barrel. On Wednesday, the 30-share BSE Sensex gained for the second day in a row, rising 102.44 points or 0.13 per cent to close at 80,905.30. Rising for the fifth straight session, the NSE Nifty went up by 71.35 points or 0.29 per cent to end at 24,770.20. (With inputs from PTI)
22 August,2024 10:37 AM IST | Mumbai | mid-day online correspondentEquity 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 stocks. The 30-share BSE Sensex declined 138.58 points or 0.17 per cent to 80,664.28 in early trade. The NSE Nifty snapped its four-day rally and slipped 15.20 points to 24,683.65, reported PTI. From the 30 Sensex firms, UltraTech Cement, Kotak Mahindra Bank, Tech Mahindra, ICICI Bank, HDFC Bank, IndusInd Bank, Power Grid and Axis Bank were the laggards. Larsen & Toubro, Bharti Airtel, Nestle India, Hindustan Unilever, Bajaj Finserv and Adani Ports were among the gainers. In Asian markets, Tokyo, Shanghai, Hong Kong and Seoul were trading lower on Wednesday. The US markets settled lower on Tuesday. Foreign Institutional Investors (FIIs) again turned sellers on Tuesday as they offloaded equities worth Rs 1,457.96 crore, according to exchange data, reported PTI. Domestic Institutional Investors (DIIs) bought equities worth Rs 2,252.10 crore on Tuesday, reported PTI. "The 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 update. Despite high valuations the undertone of the market continues to be bullish, Vijayakumar added. Global oil benchmark Brent crude declined 0.11 per cent to USD 77.09 a barrel, reported PTI. The 30-share BSE Sensex rebounded 378.18 points or 0.47 per cent to settle at 80,802.86. Rising for the fourth consecutive session, the NSE Nifty surged 126.20 points or 0.51 per cent to 24,698.85, reported PTI. Meanwhile, the Indian rupee depreciated by 7 paise to 83.84 against the US dollar in early trade on Wednesday, tracking subdued domestic equity market trend and unabated outflow of foreign capital, reported PTI. A weak American currency and lower crude prices, however, supported the local unit and prevented its sharp fall, forex traders said. At the interbank foreign exchange, the rupee opened weak at 83.79 and lost further to 83.84 against the greenback, declining 7 paise from its previous days' closing level of 83.77, reported PTI. The rupee settled 10 paise higher at 83.77 against the American currency on Tuesday, a day after gaining 8 paise. The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading marginally higher by 0.02 per cent to 101.31. (With inputs from PTI)
21 August,2024 10:30 AM IST | Mumbai | mid-day online correspondentEquity benchmark indices Sensex and Nifty surged in early trade on Friday following a sharp rally in global markets along with buying in IT stocks and Reliance Industries. The 30-share BSE Sensex jumped 805.96 points to 79,911.84 in early trade. The NSE Nifty surged 252.05 points to 24,395.80. All the 30 Sensex firms were trading higher in early trade. Mahindra & Mahindra, Tata Motors, Tech Mahindra, Tata Consultancy Services, HCL Technologies, Reliance Industries, ICICI Bank, JSW Steel, Infosys and IndusInd Bank were the biggest gainers. In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading significantly higher. The US markets ended with sharp gains on Thursday. "Globally stock markets have turned around smartly from the August 5th sell off triggered by US recession fears and the unwinding of the yen carry trade. Latest data on US inflation and unemployment relief do not indicate an economy tipping into recession. On the other hand, the 2.9% annual inflation number and slightly softening labour markets set the stage for a Fed rate cut in September, which the market is pencilling in now," V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said while talking about stock market update, reported PTI. "Strong global cues are supportive for the Indian markets. Of the three global risks at the start of the week, all three have watered down considerably. Diplomacy has avoided an Iran attack on Israel. US CPI and PPI numbers show a deflationary trend and lower unemployment benefit claims numbers lifted the chances of a soft landing in the US economy" Ajay Bagga, Banking and Market Expert, told ANI. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,595.27 crore on Wednesday, while Domestic Institutional Investors (DIIs) were buyers as they bought equities worth Rs 2,236.21 crore, according to exchange data. Global oil benchmark Brent crude dipped 0.25 per cent to USD 80.84 a barrel. "Traders are likely to adopt a risk-on approach, driven by strong cues from Wall Street, the expectation of a rate cut by the Federal Reserve in September, and robust US retail sales figures, which have eased recession concerns," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said while talking about stock market update, reported PTI. The Indian stock markets were closed on Thursday on account of Independence Day. The BSE benchmark climbed 149.85 points or 0.19 per cent to settle at 79,105.88 on Wednesday. The NSE Nifty ended marginally up by 4.75 points or 0.02 per cent at 24,143.75. (With inputs from PTI and ANI)
16 August,2024 10:41 AM IST | Mumbai | mid-day online correspondentADVERTISEMENT
