Mumbai: The Sensex declined 251.93 points to 80,464.62 in early trade on Thursday. The Nifty dipped 76.6 points to 24,536.40. The Equity benchmark indices slipped as investors went for profit-taking after a record rally amid weak global market trends.
Sensex pack laggards: A day after it released its Q1 2024-25 Results, Asian Paints shares dipped by 2 per cent after the paint making company reported a 24.64 per cent decline in consolidated net profit at Rs 1,186.79 crore. The other laggards Bajaj Finance, Tata Steel, UltraTech Cement, JSW Steel and NTPC.
Stocks in Green: Despite markets going down, Infosys, Tata Consultancy Services, Bharti Airtel, Sun Pharma, and Axis Bank were trading in the positive territory.
Indian Stock markets were closed on Wednesday on account of Muharram.
The BSE benchmark appreciated 51.69 points to settle at a new lifetime high of 80,716.55 on July 16. The NSE Nifty marginally gained 26.30 points to close at an all-time closing high of 24,613.
World Markets
Asian markets: Seoul, Tokyo and Shanghai in Red, while Hong Kong quoted higher.
The US markets ended mostly lower on Wednesday.
Global oil benchmark Brent crude climbed 0.35 per cent to USD 85.38 a barrel.
According to exchange data, Foreign Institutional Investors (FIIs) bought equities worth Rs 1,271.45 crore on July 16, 2024.
Rupee trades in narrow range
The Rupee was trading in a narrow range against the US dollar in early trade today. Forex traders were of the view that the USD/INR pair is expected to remain ‘range-bound as the dollar demand from foreign investors and oil companies has been matched by the supply from the Reserve Bank of India (RBI)’.
“Despite a weakening dollar and the rise of peer currencies like the Chinese yuan and Japanese yen to 7.26 and 155.36 respectively, the rupee has yet to find traction. It appears that the RBI is the key force behind the rupee’s firm stance. Even amid a weakening dollar, robust fundamentals and significant flows, the rupee has shown no significant upward movement, as the RBI strategically absorbs inflows to bolster reserves,” CR Forex Advisors MD Amit Pabari said.
The Sensex declined 251.93 points to 80,464.62 in early trade on Thursday. The Nifty dipped 76.6 points to 24,536.40. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
