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Stock Market Update: Benchmark indices were trading higher in the pre-opening session.
Sensex Today
Stock Market Updates: Equity benchmark indices declined in early trade on Monday, owing to relentless foreign fund outflows, selling in IT stocks and weak leads from the US markets.
The BSE benchmark Sensex declined 156.72 points to 77,423.59 in early trade. The NSE Nifty dipped 64.25 points to 23,468.45.
From the 30-share Sensex pack, Infosys, Tech Mahindra, HCL Technologies, Tata Consultancy Services, NTPC, Axis Bank, Tata Motors and IndusInd Bank were the major laggards.
HDFC Bank, Tata Steel, Bajaj Finance and Asian Paints were among the gainers.
The rupee recovered from its lowest level and appreciated by 8 paise to 84.38 against the US dollar in early trade on Monday despite a stronger American currency and sustained outflow of foreign funds.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,849.87 crore on Thursday, according to exchange data.
Foreign investors have pulled out Rs 22,420 crore from the Indian equity market so far this month, owing to high domestic stock valuations, increasing allocations to China, and the rising US dollar as well as Treasury yields.
With this sell-off, Foreign Portfolio Investors (FPIs) have recorded a total outflow of Rs 15,827 crore in 2024 so far.
Equity markets were closed on Friday for Guru Nanak Jayanti.
“Even though Nifty has corrected 10.4 per cent from the peak there are no signs of a sustained recovery in the market. Relentless FII selling, earnings downgrades for majority of stocks for FY25, and the consequences of the Trump trade are weighing on the market,” V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said.
In Asian markets, Seoul, Shanghai and Hong Kong traded higher while Tokyo quoted lower.
The US markets ended lower on Friday.
“Weak leads from Wall Street and rising US bond yields add to the anxiety,” Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
Global oil benchmark Brent crude climbed 0.51 per cent to USD 71.40 a barrel.
Sensex dropped 110.64 points or 0.14 per cent to settle at 77,580.31 on Thursday. The Nifty declined by 26.35 points or 0.11 per cent to 23,532.70.
GIFT Nifty
Trends on GIFT Nifty pointed to a strong start for the broader market, with an uptick of 78 points or 0.33%. Nifty futures were trading near the 23,515 mark, indicating optimistic sentiment ahead of market opening.
Benchmark indices were trading higher in the pre-opening session.
The Sensex was up 283 points or 0.37 percent at 77,864, and the Nifty was up 70.9 points or 0.3 percent at 23,603.60.
Stock Market Last Week
Benchmark Sensex declined by 110 points in a see-saw trade on Thursday, marking its third straight session of losses amid continued FII selling, disappointing quarterly results and soaring inflation.
Equity markets were closed on Friday for Guru Nanak Jayanti.
The 30-share Sensex dropped 110.64 points or 0.14 per cent to settle at 77,580.31 in a lacklustre trade. The index started on a positive note but lost momentum later due to increased selling. During the day, it dropped 266.14 points or 0.34 per cent to 77,424.81.
Broader NSE Nifty dropped by 26.35 points or 0.11 per cent to close at 23,532.70, extending its losing streak to the sixth day.
From the 30-share Sensex pack, Hindustan Unilever, NTPC, Nestle, IndusInd Bank, Power Grid, Adani Ports, Tata Motors and Bajaj Finserv were the major laggards.
Reliance Industries, Kotak Mahindra Bank, Tech Mahindra, Mahindra & Mahindra and HDFC Bank were among the gainers.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,502.58 crore on Wednesday, while Domestic Institutional Investors (DIIs) bought shares worth Rs 6,145.24 crore, according to exchange data.
Wholesale price inflation rose to a four-month high of 2.36 per cent in October as prices of food items, especially vegetables, and manufactured goods turned dearer, showed the government data released on Thursday.
Retail inflation breached the Reserve Bank’s upper tolerance level, soaring to a 14-month high of 6.21 per cent in October mainly on account of rising food prices.
The BSE smallcap gauge climbed 0.83 per cent and midcap index went up by 0.41 per cent.
Among sectoral indices, utilities declined 0.88 per cent, oil & gas (0.48 per cent), power (0.37 per cent), services (0.09 per cent), metal (0.07 per cent) and consumer durables (0.05 per cent).
Realty jumped 1.11 per cent, BSE consumer discretionary (0.81 per cent), telecommunication (0.64 per cent), auto (0.60 per cent) and commodities (0.33 per cent).
In Asian markets, Tokyo, Shanghai and Hong Kong settled lower while Seoul ended in the positive territory.
European markets were trading higher. The US markets ended on a mixed note on Wednesday.
Global oil benchmark Brent crude dipped 0.06 per cent to USD 72.24 a barrel.
Sensex tanked 984.23 points or 1.25 per cent to settle at 77,690.95 on Wednesday. Registering its fifth day of decline, the Nifty tumbled 324.40 points or 1.36 per cent to 23,559.05.
