Share Market: Amidst ups and downs, Sensex crosses 66 thousand, Nifty also closes strongly
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Share Market Closing: Today was a very volatile day for the Indian stock market amid mixed signals from the global market. However, in the meanwhile the Sensex once again crossed 66 thousand. During this period, the market got help from buying in major shares like Infosys, ITC and Reliance. Traders said that due to continuous selling of foreign funds in the stock markets, the gains in the market remained limited. In volatile trading, the 30-share BSE Sensex closed at 66,023.24 points, up 92.47 points or 0.14 percent. In day trading it touched a low of 65,664.85 and a high of 66,063.43. National Stock Exchange’s Nifty closed at 19,811.85 points, up 28.45 points or 0.14 percent. Prashant Tapse, senior vice president, research analyst, Mehta Equities Limited, said investors global markets are following, where there is sluggishness with a mixed trend. Due to lack of any fresh positive indicators, investors are trading cautiously and placing selective bets.
TCS shares rose again
Among Sensex companies, Infosys, NTPC, Power Grid, Titan, ITC, Tech Mahindra, Hindustan Unilever, Axis Bank, Tata Consultancy Services, Bajaj Finserv, Reliance Industries and UltraTech Cement witnessed significant gains. On the other hand, shares of IndusInd Bank, Kotak Mahindra Bank, Mahindra & Mahindra, JSW Steel, HDFC Bank and Maruti closed with losses. In the broader markets, BSE Midcap rose 0.33 per cent, while Smallcap fell 0.63 per cent. Sector wise, electricity rose by 1.41 percent, vehicle by 0.64 percent, technology by 0.52, FMCG by 0.34, capital goods by 0.38 and oil and gas by 0.36 percent. On the other hand, commodities, financial services, industries, telecommunications and banks declined. In other markets of Asia, South Korea’s Kospi and Japan’s Nikkei were in profit, while China’s Shanghai Composite and Hong Kong’s Hang Seng were in loss. European markets were trading with gains in afternoon trading. American markets closed down on Tuesday.
IPO became the priority of investors
Vinod Nair, head of research at Geojit Financial Services, said the market recovered from the day’s losses and closed with modest gains despite the US Federal Reserve’s comments adopting a cautious stance and refraining from giving any hint of a rate cut. On the other hand, there was some profit booking in the market, because investors were interested in the primary market through IPO. He said that the market sentiment is positive, as softening of inflation and reduction in US bond yields are supporting the bullishness in the medium term. According to stock market data, foreign institutional investors (FIIs) sold shares worth Rs 455.59 crore on Tuesday. On Tuesday, the Sensex closed at 65,930.77 points, up 275.62 points or 0.42 percent. Nifty was up 89.40 points or 0.45 percent at 19,783.40 points.
Rupee falls by three paise at 83.31 per dollar
The rupee fell by three paise and closed at 83.31 (provisional) per dollar after trading in a limited range on Wednesday amid the strengthening of the American currency globally. Forex traders said that the soft trend of domestic markets had an impact on the local currency, while the ‘correction’ in crude oil supported the currency. In the interbank foreign exchange market, the rupee opened at 83.31 against the dollar and then reached 83.34 per dollar. Finally it closed at 83.31 (provisional) against the American currency, which is a decline of three paise from the previous closing price. The rupee had closed at 83.28 against the American currency on Tuesday. Meanwhile, the dollar index, which reflects the position of the US dollar against six major currencies of the world, was up 0.18 percent at 103.75. Global oil benchmark Brent crude was trading 0.79 percent down at $81.80 per barrel.
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