Image Source : PTI/REPRESENTATIVE Stock markets update
Extending their rally for the third day running, equity benchmark indices climbed in early trade on Tuesday amid encouraging domestic macroeconomic data. The BSE benchmark Sensex climbed 119.17 points to 65,747.31 in early trade. The Nifty gained 39.15 points to 19,567.95.
From the Sensex pack, Titan, Sun Pharma, Larsen & Toubro, ITC, Bajaj Finance, Power Grid, Nestle and Tata Motors were the major gainers. JSW Steel, Bharti Airtel, UltraTech Cement, HCL Technologies and NTPC were among the laggards.
How did Asian and US markets fare?
In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading in the negative territory. The US markets were closed on Monday. Following the recent spate of strong macroeconomic numbers, the sentiment has turned risk on for investors, although concerns over weak monsoon would continue to weigh in the near term, Shrikant Chouhan, Head of Research (Retail) at Kotak Securities Ltd, said.
Manufacturing activities in India gained momentum in August as new orders and output increased at the quickest rates in nearly three years, according to a survey released on Friday. GST collections grew by 11 per cent to over Rs 1.59 lakh crore in August on the back of improved compliance and reduced evasion, with experts forecasting higher mop-up to continue in the upcoming festive season.
Domestic passenger vehicle sales hit a record in August, led by highest-ever monthly dispatches from Maruti Suzuki on the back of festive demand and the continued strong offtake of SUVs. Global oil benchmark Brent crude declined 0.07 per cent to USD 88.94 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,367.67 crore on Monday, according to exchange data. The BSE benchmark had climbed 240.98 points or 0.37 per cent to settle at 65,628. 14 on Monday. The Nifty went up by 93.50 points or 0.48 per cent to end at 19,528.80.
Rupee falls 13 paise against dollar
Meanwhile, the rupee depreciated 13 paise to 82.84 against the US dollar in early trade on Tuesday amid the withdrawal of foreign funds from domestic equities and firm crude oil prices. Positive sentiment in the equity markets failed to provide support to the Indian currency facing pressure due to the elevated level of the greenback, forex traders said.
At the interbank foreign exchange, the domestic unit opened at 82.78, then touched the lowest level of 82.84 against the American currency, registering a decline of 13 paise over its last close. On Monday, the rupee had settled at 82.71 against the dollar.
(With inputs from PTI)
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