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Tuesday, July 23, 2024
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Stock Market Today: Indices open higher amid positive global cues; rupee ups 6 paise against USD

The BSE Sensex rose 268.31 points and the Nifty fell 85.1 points in early session. Reliance Industries Limited, JSW Steel, Tata Steel, Titan, HDFC Bank, and Infosys gained. The rupee rose 6 paise against the dollar.

Global cues lifted equity benchmark indices early Tuesday. Early activity saw the 30-share BSE Sensex rise 268.31 points to 65,923.46. The Nifty rose 85.1 points to 19,779.10 points.

JSW Steel, Tata Steel, Titan, Reliance Industries, HDFC Bank, and Infosys gained the most on the Sensex. Larsen & Toubro, Maruti, Nestle, and Hindustan Unilever lagged. In Asia, Seoul, Tokyo, Shanghai, and Hong Kong gained. Markets in the US ended Monday positive.

“Global cues help. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said lowering US bond yields (the 10-year yield is 4.41%) will support a market rebound.

Brent fell 0.44 percent to USD 81.96 a barrel. FIIs sold Rs 645.72 crore in stocks on Monday, according to market data.

Rupee/dollar

On Tuesday morning, the rupee rose 6 paise to 83.32 against the US dollar as the dollar fell overseas and domestic markets rose.

The rupee dropped to record lows on Monday despite broad dollar weakening against its main crosses on suspected importer-related purchasing, forex traders said.

After opening at 83.33, the rupee rose 6 paise to 83.32 versus the US dollar at the interbank foreign exchange.

Conclusion

The BSE Sensex rose 268.31 points to 65,923.46 and the Nifty fell 85.1 points to 19,779.10 in early trade on Tuesday. Larsen & Toubro, Maruti, Nestle, and Hindustan Unilever lagged, while JSW Steel, Tata Steel, Titan, Reliance Industries, HDFC Bank, and Infosys gained the most. Seoul, Tokyo, Shanghai, and Hong Kong rose. Markets in the US ended Monday positive. Geojit Financial Services Chief Investment Strategist VK Vijayakumar said softening US bond yields will support a global market recovery. Brent down 0.44 percent to USD 81.96. Foreign institutional investors sold Rs 645.72 crore in stocks on Monday. Morning trade saw the rupee rise 6 paise to 83.32 against the US dollar from its all-time low.

Sunil Pandey
Sunil Pandey
The business professional who loves penning down his thoughts/ insights on business, entrepreneurship, & startups. His ability to break down complex business concepts into easy & concise write-ups makes him a wonderful author. He believes that writing is a powerful tool for communication and education.

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