Stock markets: Following a record-breaking performance in domestic markets, equity benchmark indices experienced a decline in early trade on Thursday, putting an end to their five-day rally. The BSE Sensex, a 30-share index, dropped 171.62 points to reach 66,925.82 after a sluggish start. The NSE Nifty also fell by 48.6 points to 19,784.55.
Among the Sensex-listed companies, major laggards included Infosys, HCL Technologies, UltraTech Cement, Tata Consultancy Services, Bajaj Finance, and Nestle. On the other hand, State Bank of India, Sun Pharmaceutical Industries, ICICI Bank, and IndusInd Bank emerged as gainers.
Performance of Asian and US markets:
In Asian markets, Tokyo and Shanghai experienced a decline, while Seoul and Hong Kong showed positive growth. The US markets closed in positive territory on Wednesday. The global oil benchmark, Brent crude, increased by 0.11% to reach USD 79.55 per barrel.
Foreign Institutional Investors (FIIs) continued to buy equities worth Rs 1,165.47 crore on Wednesday, as per exchange data. The BSE benchmark witnessed a fifth consecutive day of gains, with a jump of 302.30 points or 0.45% to reach a record high of 67,097.44 on Wednesday.
During the day, it even reached an all-time intra-day peak of 67,171.38, rallying 376.24 points or 0.56%. The Nifty also climbed, gaining 83.90 points or 0.42% to reach a lifetime closing high of 19,833.15 in the previous trade. It hit a record intra-day peak of 19,851.70, climbing 102.45 points or 0.51%.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated, “The demerger of Jio Financial Services from RIL and the Q1 results of Infosys, HUL, and a host of mid-cap IT companies can cause a lot of price action in the market today.” NSE conducted a special pre-open session for Reliance Industries Ltd on Thursday due to the demerger of its financial services business, Reliance Strategic Investments Ltd.
ALSO READ: Bull run continues: Sensex ends above 67,000-mark, Nifty at new closing peak of 19,833.15
Rupee gains against the dollar:
Meanwhile, the rupee gained 6 paise against the US dollar in early trade on Thursday, reaching 82.02, supported by steady foreign fund inflows. However, the surge in crude oil prices limited the sharp gains for the local currency, according to forex traders.
At the interbank foreign exchange, the rupee opened at 82.05 and reached a high of 82.02 against the American currency, representing a rise of 6 paise compared to its previous close. On Wednesday, the rupee settled at 82.08 against the dollar.
The rupee received support from a softness in the US dollar and sustained FII inflows, said forex traders. However, the strength in crude oil prices remains a concern for the rupee, as a significant surge could restrict its gains.
Traders in the rupee and dollar markets are eagerly awaiting cues from the upcoming Federal Reserve rate decision next week. The dollar index, which measures the strength of the greenback against a basket of six currencies, fell 0.22% to 100.06.
(With PTI inputs)
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
