Equity benchmark indices fell early due to weak Asian markets and foreign investment outflows. Tech Mahindra fell nearly 4%, while HCL, Infosys, Wipro, and HDFC Bank lagged. In a mild trend, the rupee opened flat against the dollar.
Equity benchmark indices dipped early Thursday due to weak Asian markets and foreign money outflows. Early trade saw the 30-share BSE Sensex fall 227.72 points to 70,832.59. Meanwhile, the Nifty slid 55.7 points to 21,398.25.
Sensex firm Tech Mahindra fell over 4% after announcing a 60% reduction in December quarter net profit to Rs 510.4 crore on Wednesday.
HCL Technologies, Infosys, Wipro, Axis Bank, TCS, HDFC Bank, ICICI Bank, and Kotak Mahindra Bank also lagged. NTPC, Hindustan Unilever, IndusInd, and SBI gained.
Seoul and Tokyo fell, while Shanghai and Hong Kong rose. Stocks in the US were mixed Wednesday. Market records show FIIs sold Rs 6,934.93 crore in stocks on Wednesday. Brent increased 0.36 percent to 80.33 USD.
Domestic markets were lackluster Thursday morning as the rupee opened flat against the dollar. Forex traders said the rupee traded in a restricted range as crude oil prices climbed, the dollar strengthened, and foreign capital outflows continued.
The interbank foreign exchange rupee began at 83.13 vs the dollar and touched 83.11 and 83.14.
Conclusion
Early Thursday, weak Asian markets and foreign investment outflows reduced equity benchmark indices. Tech Mahindra declined nearly 4% after its December quarter net profit fell 60%. HCL Technologies, Infosys, Wipro, Axis Bank, TCS, HDFC Bank, ICICI Bank, and Kotak Mahindra Bank underperformed. NTPC, Hindustan Unilever, IndusInd, and SBI gained.
