Image used for representational purposes only.
| Photo Credit: Reuters

Image used for representational purposes only.
| Photo Credit: Reuters

Image used for representational purposes only.
| Photo Credit: Getty Images/iStockphoto

Representative image.
| Photo Credit: Reuters

READ MORE

Representational image of the Bombay Stock Exchange (BSE) building
| Photo Credit: Reuters

Benchmark equity indices Sensex and Nifty ended on a flat note in a volatile trade on Tuesday (December 24, 2024), as investors preferred to stay on the sidelines awaiting further triggers amid persistent foreign fund outflows.

After gyrating between highs and lows, the 30-share index declined 67.30 points or 0.09% to settle at 78,472.87. During the day, it dropped 142.38 points or 0.18% to 78,397.79.

The NSE Nifty dipped 25.80 points or 0.11% to 23,727.65.

From the 30 blue-chip stocks, Power Grid, State Bank of India, Titan, Tata Steel, IndusInd Bank, UltraTech Cement, Adani Ports and Infosys were among the laggards.

In contrast, Tata Motors, ITC, Nestle, Tata Consultancy Services, NTPC and Zomato were among the gainers.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹168.71 crore on Monday, according to exchange data.

In Asian markets, Shanghai and Hong Kong settled higher, while Seoul and Tokyo ended in the negative territory.

European markets were trading with gains in mid session deals. Wall Street ended in the positive zone overnight trade on Monday.

Global oil benchmark Brent crude climbed 0.62% to $73.08 a barrel.

The BSE benchmark jumped 498.58 points or 0.64% to settle at 78,540.17 on Monday. The Nifty surged 165.95 points or 0.70% to 23,753.45.

Image used for representational purpose.
| Photo Credit: Reuters

The rupee pared its initial gains and settled on a flat note at 83.99 against the U.S. dollar on Monday (October 7, 2024) on selling pressure from foreign funds and weak tone in the domestic markets.

Forex traders said elevated crude oil prices and escalating tensions between Israel and Iran weighed on the local unit, while all-time high forex reserves boosted investor sentiments.

At the interbank foreign exchange, the rupee opened at 83.96 against the U.S. dollar and touched an intra-day high of 83.95 and a low of 83.99.

The domestic currency finally ended the day at 83.99 (provisional), unchanged from its previous closing level.

“We expect the rupee to trade with a negative bias on selling pressure from foreign funds and weak tone in the domestic markets. Escalating tensions between Israel and Iran may further pressurise the rupee,” said Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas.

Mr. Choudhary said traders may take cues from comments by U.S. Fed officials.

“Investors may remain cautious ahead of the RBI’s monetary policy meeting outcome on Wednesday,” he said, adding that USDINR spot price is expected to trade in a range of ₹83.80-84.20.

Meanwhile, India’s forex reserves jumped $12.588 billion to a new all-time high of $704.885 billion for the week ended September 27, the Reserve Bank of India (RBI) said on Friday.

On the domestic equity market front, the Sensex fell 638.45 points, or 0.78%, to close at 81,050.00. The Nifty declined 218.85 points, or 0.87% to settle at 24,795.75. Both indices suffered losses in the previous week.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was up 0.07% to 102.59.

Brent crude, the international benchmark, advanced 2.09% to $79.68 in futures trade.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Friday, offloading shares worth ₹9,896.95 crore on a net basis in the cash segment, according to exchange data.

Image for representation
| Photo Credit: PTI

Benchmark equity indices Sensex and Nifty advanced in early trade on Thursday, following a firm trend in global markets along with buying in blue-chip stocks such as HDFC Bank and Infosys.

The 30-share BSE Sensex climbed 204.04 points or 0.25% to 81,109.34 in early trade. Rising for the sixth straight session, the NSE Nifty advanced 49.55 points to 24,819.75.

Market analysts said the Indian equities opened on a positive note Thursday as oil prices continued to fall on demand concerns, and minutes from the most recent Federal Reserve meeting hinted at potential rate cuts amid signs of easing inflation and a rising unemployment rate.

“The most likely scenario now is a Fed turning dovish and starting the rate cut cycle with a 25 bp rate cut in September indicating further cuts to follow. This can keep the markets stable since the room for uncertainty is coming down,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.

From the Sensex pack, Bharti Airtel, Infosys, Asian Paints, Tata Steel, State Bank of India, HDFC Bank, ICICI Bank and Tech Mahindra were the gainers.

On the contrary, Power Grid, Tata Consultancy Services, Tata Motors, Mahindra & Mahindra, NTPC and Adani Ports and Special Economic Zone were among the laggards.

Meanwhile, Foreign Institutional Investors (FIIs) sold equities worth ₹799.74 crore on Wednesday, according to exchange data.

Meanwhile, Domestic Institutional Investors (DIIs) again bought equities worth ₹3,097.45 crore on Wednesday.

“In institutional activity, the trend of sustained buying by DIIs and sustained selling by FIIs continues. But the intensity of FII selling is declining,” Vijayakumar said, adding that retail investors are likely to continue with the buy-on-dips strategy which has been a consistently successful strategy in this bull market.

In Asian markets, Tokyo and Hong Kong were trading in the green territory, while Shanghai and Seoul were quoting lower on Thursday.

US markets closed on a higher note on Wednesday.

Global oil benchmark Brent crude fell 0.03% to $76.03 a barrel.

On Wednesday, the 30-share BSE Sensex gained for the second day in a row, rising 102.44 points or 0.13% to close at 80,905.30. Rising for the fifth straight session, the NSE Nifty went up by 71.35 points or 0.29% to end at 24,770.20.

Image used for representational purpose only.
| Photo Credit: Reuters

The rupee pared its initial losses and settled for the day on an almost flat note at 83.50 (provisional) against the U.S. dollar on July 4, resisting pressure from elevated crude oil prices.

Forex traders said a positive trend in domestic equities, wherein benchmark indices touched all-time high levels, and significant foreign fund inflows supported the rupee and restricted the fall.

At the interbank foreign exchange market, the local unit opened at 83.52 and hit the intraday high of 83.48 and a low of 83.56 against the American currency during the session.

It finally settled at 83.50 (provisional) against the dollar, 1 paisa lower than its previous close.

On Wednesday, the rupee settled 1 paisa lower at 83.49 against the U.S. dollar.

“We expect the rupee to trade with a slight positive bias on softness in the US dollar amid weak economic data and rise in risk appetite in global markets,” said Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas.

“However, elevated crude oil prices may limit the gains. Investors may remain cautious ahead of the U.S. non-farm payrolls report tomorrow,” Mr. Choudhary said, adding that $-₹ spot price is expected to trade in a range of ₹83.20 to ₹83.80.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.15% lower at 105.24.

Brent crude futures, the global oil benchmark, were trading 0.47% lower at $86.93 per barrel.

In the domestic equity market, Sensex breached the historic 80,000-mark and Nifty scaled a fresh lifetime high. The 30-share BSE Sensex ended the day 62.87 points, or 0.08%, up at its all-time high of 80,049.67 points. The broader NSE Nifty settled 15.65 points, or 0.06%, higher at a fresh peak of 24,302.15 points.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Wednesday, as they purchased shares worth ₹5,483.63 crore, according to exchange data.

Meanwhile, according to an official of S&P Global Ratings, a sovereign rating upgrade for India in the next 24 months is possible if the central government is able to prudently manage its finances and bring down the fiscal deficit to 4% of GDP.

S&P Global Ratings Director, Sovereign Ratings, YeeFarn Phua, said the trigger for an upgrade would be the government (Centre + states) deficit falling below 7 per cent of the GDP, and a lot of this would have to be driven by the central government.

Image for representation
| Photo Credit: C. Venkatachalapathy

The rupee appreciated by 7 paise to 83.24 against the U.S. dollar on Wednesday amid softening crude oil prices in the international market.

Forex traders said the local unit faced some resistance due to subdued sentiment in the domestic equity market and foreign fund outflows.

At the interbank foreign exchange market, the local unit opened at 83.29 and inched up further to trade at 83.24 against the greenback, registering a gain of 7 paise from its previous closing level.

On Tuesday, the rupee appreciated 6 paise to close at 83.31 against the U.S. dollar.

“As the rupee seems to have started aligning with its fundamentals, in the short term, one can expect the Rupee to approach levels of 83.00 to 83.10, while the medium-term target is projected to range between 82.80 to 82.50 levels,” CR Forex Advisors MD Amit Pabari said.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 104.63, lower by 0.02%.

Brent crude futures, the global oil benchmark, declined 0.65% to $82.34 per barrel.

On the domestic equity market, the 30-share BSE Sensex was trading 37.12 points, or 0.05% lower at 73,916.19 points. The broader NSE Nifty was down 30.40 points, or 0.13%, to 22,498.65 points.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday, as they offloaded shares worth ₹1,874.54 crore, according to exchange data.

On the macroeconomic front, according to an article in the RBI’s May Bulletin released on Tuesday, India is likely to grow by 7.5% in the first quarter of the current financial year, driven by rising aggregate demand and non-food spending in the rural economy.