The rupee stayed flat at 82.90 against the US dollar in early trade on Wednesday, March 6, 2024, resisting downward pressure from a stronger American currency and volatile crude oil prices in the overseas markets.

The local unit was also dragged down by the negative sentiment in the equity markets, however, it found support due to some fresh inflow of foreign funds, forex traders said.

At the interbank foreign exchange, the domestic currency opened at the previous day’s closing level of 82.90 and oscillated between 82.89 and 82.91 against the greenback.

On Tuesday, the rupee settled flat at 82.90 against the US dollar.

Gaurang Somaiya, forex and bullion analyst, Motilal Oswal Financial Services, said the rupee traded in a narrow range and volatility remained low despite weakness in the dollar against its major crosses.

The restricted movement in the Indian currency was attributed to the services PMI (Purchasing Managers’ Index) data in the US, which showed the sector’s growth in February fell short of expectations.

Also, India’s services PMI data on Tuesday came in weaker than market expectations and indicated a slowdown in the services sector in February. “Some gains were seen in the rupee after the announcement that Bloomberg Index Services will include 34 Indian government bonds in its emerging market local currency indexes from January 2025, which may prove to be beneficial for the currency and could further boost debt inflows,” Somaiya said, adding, “we expect USD-INR (Spot) to trade sideways and quote in the range of 82.80-83.05.” Upcoming non-farm payrolls data in the US and Federal Reserve Chairman Jerome Powell’s testimony before lawmakers are expected to provide further cues to market participants.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose marginally by 0.01 per cent to 103.76.

Brent crude futures, the global oil benchmark, rose 0.13 per cent to USD 82.15 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 127.06 points or 0.17 per cent lower at 73,550.07 points. The broader NSE Nifty declined 40.60 points or 0.18 per cent to 22,315.70 points.

Foreign institutional investors (FIIs) were net buyers in the capital markets on Tuesday as they bought shares worth ₹574.28 crore, according to exchange data.

Equity benchmark indices continued their winning momentum on Tuesday September 12 early trade, climbing for the eighth day running, with the Nifty scaling its fresh all-time high level.

A largely firm trend in global markets and fresh foreign fund inflows also added to the positive trend in equities in initial deals.

The 30-share BSE Sensex jumped 412.02 points to 67,539.10 in early trade. The Nifty climbed 114 points to 20,110.35 — its all-time high mark.

Among the Sensex firms, Larsen & Toubro, ICICI Bank, Sun Pharma, JSW Steel, Infosys, Tata Consultancy Services, Axis Bank and Bharti Airtel were the major gainers.

NTPC, Maruti, Hindustan Unilever and Tata Motors were among the laggards.

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

The US markets ended in positive territory on Monday.

“Optimism regarding India’s growth prospects in a low-growth world and a fast decelerating China has triggered this rally enabling the Nifty to cross the psychological 20,000 mark. FIIs, too, have joined the party with a buy figure of Rs 1,473 crore,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.

The participation of the fairly valued large banking stocks and RIL make this rally healthy even when the overall market valuation is turning expensive, he added.

Foreign Institutional Investors (FIIs) turned buyers on Monday as they bought equities worth Rs 1,473.09 crore, according to exchange data.

Global oil benchmark Brent crude climbed 0.39 per cent to USD 90.99 a barrel.

The 30-share BSE benchmark regained the 67,000 level on Monday. The benchmark jumped 528.17 points or 0.79 per cent to settle at 67,127.08. The Nifty ended at 19,996.35, reflecting a gain of 176.40 points or 0.89 per cent. The Nifty scaled the record 20,000 mark for the first time ever in intra-day trade.

Equity benchmark indices continued their winning momentum on Tuesday September 12 early trade, climbing for the eighth day running, with the Nifty scaling its fresh all-time high level.

A largely firm trend in global markets and fresh foreign fund inflows also added to the positive trend in equities in initial deals.

The 30-share BSE Sensex jumped 412.02 points to 67,539.10 in early trade. The Nifty climbed 114 points to 20,110.35 — its all-time high mark.

Among the Sensex firms, Larsen & Toubro, ICICI Bank, Sun Pharma, JSW Steel, Infosys, Tata Consultancy Services, Axis Bank and Bharti Airtel were the major gainers.

NTPC, Maruti, Hindustan Unilever and Tata Motors were among the laggards.

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

The US markets ended in positive territory on Monday.

“Optimism regarding India’s growth prospects in a low-growth world and a fast decelerating China has triggered this rally enabling the Nifty to cross the psychological 20,000 mark. FIIs, too, have joined the party with a buy figure of Rs 1,473 crore,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.

The participation of the fairly valued large banking stocks and RIL make this rally healthy even when the overall market valuation is turning expensive, he added.

Foreign Institutional Investors (FIIs) turned buyers on Monday as they bought equities worth Rs 1,473.09 crore, according to exchange data.

Global oil benchmark Brent crude climbed 0.39 per cent to USD 90.99 a barrel.

The 30-share BSE benchmark regained the 67,000 level on Monday. The benchmark jumped 528.17 points or 0.79 per cent to settle at 67,127.08. The Nifty ended at 19,996.35, reflecting a gain of 176.40 points or 0.89 per cent. The Nifty scaled the record 20,000 mark for the first time ever in intra-day trade.