Equity benchmark indices fell early due to weak Asian markets and foreign investment outflows. The Nifty fell 51.15 points and the Sensex 316.75. IndusInd, SBI, Tata Steel, Infosys gained. Under foreign investor selling pressure, the rupee opened flat and climbed 1 paisa against the dollar.
Equity benchmark indices dipped early Wednesday due to weak Asian markets and foreign money outflows. Early trade saw the 30-share BSE Sensex lose 316.75 points to 70,053.80. Meanwhile, the Nifty lost 51.15 points to 21,187.65.
Sensex gains for IndusInd Bank, SBI, Tata Steel, and Infosys reached 1.84 percent. HCL Tech, JSW Steel, and PowerGrid also thrived. The morning losses for Axis Bank, Asian Paints, TCS, and M&M reached 3.79 percent. Bajaj Finance, Bharti Airtel, and Maruti lagged. Twenty-one 30-share benchmark stocks and 32 Nifty stocks rose.
EU and US marketplaces
The Dow dipped 0.25 percent, the S&P 500 rose 0.29 percent, and tech-heavy Nasdaq rose 0.43 percent on Tuesday. Hong Kong’s Hang Seng increased 0.84 percent and Japan’s Nikkei 225 declined 1.00%. China’s Shanghai Composite lost 0.14 percent.
European markets dipped 0.34 percent on Tuesday, with the DAX and CAC 40 dropping. The London FTSE 100 fell 0.03%.
Brent futures dipped 0.18 percent to USD 79.41 a barrel Wednesday.
Rupee begins flat.
Despite a weak domestic equity market, the rupee opened flat and strengthened 1 paisa to 83.14 against the US dollar on Wednesday. Forex brokers said foreign investor selling pressure has weakened the currency.
At interbank foreign exchange, the rupee rose 1 paisa to 83.14 per dollar from 83.15. The rupee decreased to 83.16 per dollar. The rupee hit 83.15 per dollar Tuesday.
Conclusion
Due to weak Asian markets and international investment outflows, equity benchmark indices fell early Wednesday. The Nifty fell 51.15 points to 21,187.65 and the BSE Sensex 316.75 to 70,053.80. IndusInd, SBI, Tata Steel, Infosys gained. Asian Paints, TCS, M&M, and Axis Bank dropped substantially. Foreign investors sold the rupee, which opened flat and rose 1 paisa to 83.14 per dollar. Forex traders warn of bearishness.
