Image Source : INDIA TV Stock markets update for December 30.
Stock markets: On the first trading day of the week, the Indian stock market witnessed a weak opening on Monday. The BSE Sensex dropped by 80.07 points to open at 78,619.00, while the NSE Nifty declined by 28.40 points, trading at 23,785.
The downturn in the Indian markets is attributed to weakness in global markets. On Friday, the US markets experienced a significant decline, which has impacted the Indian market’s sentiment today. Additionally, with the year-end approaching, the participation of foreign investors has decreased, leading to expectations of a range-bound market.
In terms of stock performance, gains were observed in Bharti Airtel, ITC, UltraTech Cement, and Adani Ports. On the other hand, Reliance, HCL Tech, Tata Motors, and TCS were among the major laggards.
Rupee against dollar
Meanwhile, the rupee dropped 5 paise to 85.53 against the US dollar in early trade on Monday, as dollar demand from importers, foreign fund outflows and a muted trend in domestic equities dented investor sentiments. Forex traders said the rupee witnessed heavy volatility on Friday and opened on a weak note on Monday amid significant dollar demand linked to the expiry of December currency futures and maturing positions in the outstanding forwards.
At the interbank foreign exchange, the rupee opened on a weak note and fell to 85.53 against the American currency, registering a fall of 5 paise over its previous close.
On Friday, the rupee registered the steepest fall in almost two years to hit its lifetime intraday low of 85.80 before a suspected central bank intervention helped recover some of its losses and settled 21 paise lower at a record low of 85.48 against the US dollar.
(With PTI inputs)
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