Share Market: Sensex breaks 38 points in volatile business, rupee strengthens by nine paise
Highlights
- Rupee on Tuesday climbed nine paise to close at 81.58 per dollar
- Sensex closed at 57,107.52, down 37.70 points
- Nifty closed marginally lower by 8.90 points at 17,007.40
Share Market: Standard indices BSE-Sensex and NASE-Nifty both fell marginally in the domestic stock market in volatile trade. The Sensex closed nearly 38 points lower on losses in metal, bank and financial stocks. On the other hand, the rupee on Tuesday climbed nine paise to close at 81.58 per dollar. According to traders, investors remain cautious as foreign institutional investors withdraw money from the market. The 30-share Sensex closed at 57,107.52, down 37.70 points, or 0.07 per cent. Similarly, the Nifty of the National Stock Exchange closed at 17,007.40, down 8.90 points, or 0.05 per cent, marginally.
Tata Steel was the biggest loser
Among the Sensex stocks, Tata Steel was the biggest loser at 2.25 per cent. Besides, Titan, State Bank of India, Kotak Bank, Tech Mahindra, ICICI Bank, HDFC Bank and HDFC Ltd. ended in losses. On the other hand, gainers include PowerGrid, IndusInd Bank, Dr Reddy’s, HCL Tech and Nestle India. Of the 30 Sensex stocks, 18 were in losses while 12 were in gains. In other Asian markets, Hong Kong’s Hang Seng, Japan’s Nikkei and South Korea’s Kospi were among the gainers. Major markets in Europe were mixed in early trade. Meanwhile, international oil benchmark Brent crude rose 1.78 per cent to $85.56 per barrel. According to stock market data, foreign institutional investors were net sellers in the capital market. He sold shares worth Rs 5,101.30 crore on Monday.
Rupee strengthens
The rupee appreciated by nine paise to 81.58 per dollar (provisional) against the US currency on Tuesday. The rupee has strengthened after the US currency recovered from higher levels in the global markets. The rupee opened at 81.45 in the interbank foreign exchange market. During trading, it went to a high of 81.30 per dollar and a low of 81.64. In the end, it closed at 81.58 per dollar, up nine paise against the previous closing price. After falling in four consecutive trading sessions, the rupee has now strengthened against the US dollar. However, during this period the value of rupee has come down to 193 paise per dollar. At the same time, on Monday, the rupee closed at 81.67 per dollar, down 58 paise. Gaurang Somaiya, foreign exchange and bullion analyst at Motilal Oswal Financial Services, said, “The rupee closed in a narrow range after falling to a record low in Monday’s session. Some reports suggest that India’s inclusion in the major government bond index may hang till next year. On the domestic front, investors’ attention will be focused on the Reserve Bank of India’s monetary policy meeting on Friday. Somaiya said, “The central bank may increase interest rates by 0.50 per cent while maintaining an aggressive stance.” Meanwhile, the dollar index, which measures the strength of the dollar against the world’s six major currencies, fell 0.25 per cent to 113.81. Gone.
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