Benchmark equity indices rebounded in early trade on Thursday, October 5, 2023, after two days of decline amid recovery in global markets.

The 30-share BSE Sensex climbed 383.31 points to 65,609.35 in early trade. The Nifty advanced 108.95 points to 19,545.05.

Among the Sensex firms, Titan, ICICI Bank, Larsen & Toubro, Infosys, Tata Consultancy Services, ITC and Tata Motors were the biggest gainers.

Power Grid and Nestle were the laggards.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading in the green.

The US markets ended in the positive territory on Wednesday.

Global oil benchmark Brent crude climbed 0.71 per cent to USD 86.42 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹4,424.02 crore on October 4, according to exchange data.

“The triple whammy of spiking dollar, US bond yields and crude is slowly easing, paving the way for a recovery in markets. The decline in the dollar and US bond yields are mild and, therefore, not adequate for a reversal of FII selling, which continues to be very high. But the sharp correction in Brent crude to USD 86 is a big positive,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

The BSE benchmark went lower by 286.06 points or 0.44 per cent to settle at 65,226.04 on Wednesday. The Nifty declined 92.65 points or 0.47 per cent to end at 19,436.10.

According to a stock analysit, the stock markets may continue to exhibit intra-day volatility ahead of the monetary policy announcement on Friday, October 6.
| Photo Credit: The Hindu

Equity benchmark indices declined in early trade on Wednesday, October 4, 2023, extending their previous day’s fall, in line with weak global market trends and unabated foreign fund outflows.

The 30-share BSE Sensex plunged 533.13 points to 64,978.97. The Nifty declined 153.35 points to 19,375.40.

Among the Sensex firms, NTPC, Axis Bank, IndusInd Bank, Maruti, UltraTech Cement, ICICI Bank, Tata Steel and Bajaj Finserv were the major laggards.

Nestle, Hindustan Unilever, HDFC Bank and Asian Paints were among the gainers.

In Asian markets, Seoul, Tokyo and Hong Kong were trading lower while Shanghai quoted in the positive territory.

The US markets ended with over 1 per cent fall on Tuesday.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹2,034.14 crore on Tuesday, according to exchange data.

Global oil benchmark Brent crude declined 0.10 per cent to USD 90.83 a barrel.

“Global cues are negative for markets in the near-term. The sustained rise in the US bond yields, which has triggered continuous FII selling, is showing no signs of abating. The dollar index is now clearly above 107 and the US 10-year bond yield is at 4.83 per cent. This means FIIs will continue to sell and the bulls will be on the back foot,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

He further said that on the positive side, valuations in some segments are becoming attractive and this may push DIIs (Domestic Institutional Investors) and retail investors to buy stocks in such segments.

The BSE benchmark had declined 316.31 points or 0.48 per cent to settle at 65,512.10 on Tuesday. The Nifty fell 109.55 points or 0.56 per cent to end at 19,528.75.

“Markets may continue to exhibit intra-day volatility ahead of the monetary policy announcement on Friday. The real culprit over the current pessimism is FII selling,” Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.

Equity benchmark indices climbed in early trade on Monday, August 28, 2023, tracking strength in global markets.

The BSE Sensex climbed 177.63 points to 65,064.14 in early trade. The NSE Nifty gained 62.2 points to 19,328.

From the Sensex pack, Jio Financial Services Ltd, Tata Steel, Larsen & Toubro, Sun Pharma, Power Grid, HDFC Bank and JSW Steel were among the gainers.

HCL Technologies, Hindustan Unilever, Bharti Airtel, Asian Paints, Nestle and Titan were among the laggards.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading with gains.

The US markets ended in the positive territory on Friday.

“The market will be keenly watching for signals from the RIL AGM today,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Global oil benchmark Brent crude declined 0.11 per cent to USD 84.39 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹4,638.21 crore on Friday, according to exchange data

The BSE benchmark had ended lower by 365.83 points or 0.56 per cent at 64,886.51 on Friday. The Nifty declined by 120.90 points or 0.62 per cent to end at 19,265.80.

A traffic signal in the foreground of the Bombay Stock Exchange on Dalal Street seems to reflect the mood of the stock markets in Mumbai.
| Photo Credit: The Hindu

The equity benchmark indices fell in early trade on Friday, August 25, 2023, amid a weak trend in global markets.

The BSE Sensex fell 452.68 points to 64,799.66. The NSE Nifty declined 125.95 points to 19,260.75.

From the Sensex pack, Jio Financial Services Ltd fell 4.98 per cent to touch the lower circuit limit of Rs 205.15, falling for the fifth day running. IndusInd Bank, Larsen & Toubro, Bharti Airtel, Axis Bank, UltraTech Cement and ITC were among the other laggards.

Bajaj Finserv, Tata Motors, Asian Paints and Maruti were among the gainers.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading in negative territory.

The US markets ended lower on Thursday.

“The message from Fed chief Jerome Powell tonight will be keenly watched for any clues on the future trajectory of interest rates in the US,” said V. K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Global oil benchmark Brent crude climbed 0.20 per cent to $83.53 a barrel.

Foreign Institutional Investors (FIIs) were buyers on August 24 as they bought equities worth ₹1,524.87 crore, according to exchange data.

“Traders will continue to maintain caution and may trim their equity exposure in case the global mood worsens ahead of Federal Reserve Chairman Jerome Powell’s speech at the annual Fed Jackson Hole symposium later today.

“Traders would gauge from the Fed’s speech whether inflation continues to remain a challenge and more rate hikes could be in the offing going ahead,” Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.

The BSE benchmark had pared early gains to settle 180.96 points or 0.28 per cent lower at 65,252.34 on Thursday. The Nifty declined 57.30 points or 0.29 per cent to settle at 19,386.70.

Indian Rupee notes are seen in this picture illustration.
| Photo Credit: REUTERS

The rupee depreciated 6 paise to 82.81 against the US dollar in early trade on Tuesday, August 8, 2023 as a negative trend in domestic equities and firm crude oil prices weighed on investor sentiments.

Forex traders said the rupee is trading lower on strong dollar and foreign fund outflows over the past few days.

At the interbank foreign exchange, the domestic unit opened at 82.80, then touched 82.81, registering a decline of 6 paise over its last close as the RBI monetary policy committee meeting begins on Tuesday. The policy decision will be announced on Thursday.

On Monday, the rupee had settled 6 paise higher at 82.75 against the dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.28 per cent to 102.33.

Brent crude futures, the global oil benchmark, rose 0.12 per cent to USD 85.44 per barrel.

Rupee is trading in a narrow range and volatility remained low ahead of the RBI policy statement that is scheduled to release later this week, traders said.

Expectation is that the central bank could keep rates on hold but commentary will trigger volatility for the currency, said Gaurang Somaiya Forex and Bullion Analyst at Motilal Oswal Financial Services.

Comments on inflation will be importantly watched and that could provide cues to the rupee, Somaiya added.

On the other hand, the dollar too traded in a range following lack of cues from the US.

“Today, focus will be on the trade balance number from the US; better-than-expected data could support the dollar at lower levels. We expect the USDINR(Spot) to trade sideways and quote in the range of 82.50 and 82.90,” Somaiya added.

In the domestic equity market, the 30-share BSE Sensex was trading 65.93 points or 0.10 per cent lower at 65,887.55. The broader NSE Nifty declined 14.10 points or 0.07 per cent to 19,583.20.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Monday as they offloaded shares worth ₹1,892.77 crore, according to exchange data.