Early trade saw the BSE Sensex and Nifty rise. They later traded flat due to mixed Asian market indications and foreign fund outflows. US markets closed positive, with Brent crude up 0.07 percent…
Global markets rallied Wednesday, lifting equity benchmark indices. Early activity saw the 30-share BSE Sensex rise 181.6 points to 65,124. The Nifty rose 49 points to 19,455.70.
Later, mixed Asian market cues and continued foreign money withdrawals kept both benchmark indices flat in tumultuous activity. Asian Paints, Wipro, Maruti, Tata Consultancy Services, Larsen & Toubro, and Titan gained significant Sensex points.
Laggards included ICICI Bank, Axis Bank, Kotak Mahindra Bank, Bajaj Finance, Infosys, and NTPC. Shanghai and Hong Kong were up, while Seoul and Tokyo were down.
Markets in the US ended Tuesday positive. Brent rose 0.07 percent to USD 81.67 a barrel. FIIs sold Rs 497.21 crore in stocks on Tuesday, according to market data.
In early trade on Wednesday, the rupee was trading in a limited range against the US dollar due to weak domestic equities and a strong US dollar offshore. Forex traders said persistent foreign capital withdrawals hurt investor morale.
The domestic unit opened at 83.25 against the dollar and reached an early high of 83.23, up 4 paise.
Conclusion
Wednesday saw equity benchmark indices lose early gains due to conflicting Asian market indications and continued foreign capital outflows. The BSE Sensex and Nifty opened higher but ended flat. US markets closed positive, but Brent crude increased slightly. Due to weak domestic equities and a strong US dollar, the Indian rupee moved in a limited range.
