Image Source : PTI/FILE Markets decline in early trade after four days of rally
Stock markets update: Equity benchmark indices declined in early trade on Wednesday after rallying in the past four days amid weak trends in Asian markets. Paring its four-day rally, the 30-share BSE Sensex fell 261.4 points to 62,707.73. The NSE Nifty declined 79.95 points to 18,553.90.
From the Sensex pack, State Bank of India, HDFC, Reliance Industries, NTPC, Axis Bank, HDFC Bank, Bajaj Finserv and Tata Steel were the major laggards. Sun Pharma, HCL Technologies, Tech Mahindra, Asian Paints, Tata Motors and Nestle were among the gainers.
In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading lower. The US markets ended on a mixed note on Tuesday.
“Markets may see a cautious opening with a slightly negative bias in Wednesday trade amid weak global cues,” Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd said in his pre-opening market comment.
Investors will also keep an eye on the Q4 GDP numbers to be announced later on Wednesday, which will provide some sense on where the economy is headed in the near to medium term, he added.
Meanwhile, global oil benchmark Brent crude dipped 0.26 per cent to USD 73.37 a barrel. The Sensex climbed 122.75 points or 0.20 per cent to settle at 62,969.13 on Tuesday. The Nifty advanced 35.20 points or 0.19 per cent to end at 18,633.85.
Foreign Institutional Investors (FIIs) were net buyers on Tuesday as they bought equities worth Rs 2,085.62 crore, according to exchange data.
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Rupee falls 3 paise to 82.70 against US dollar
Meanwhile, the rupee depreciated by 3 paise to 82.70 against the US dollar in early trade on Wednesday, tracking a strong American currency against major rivals overseas and subdued sentiments in domestic as well as global equities markets.
Forex traders said the crude oil trading below USD 75 per barrel and inflows of foreign funds failed to support the Indian currency.
The dollar was trading at an elevated level of 104 as positive development on the US debt ceiling bill boosted investors’ sentiment. However, participants were also concerned over the payroll data to be released on Friday.
At the interbank foreign exchange, the domestic unit opened weak at 82.71 against the dollar. The currency hit the lowest level of 82.73 and touched the peak of 82.68 before trading at 82.70, a fall of 3 paise over its previous close.
(With PTI inputs)
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