Market Update: Equities Recover from Early Losses
Sensex Gains 100 Points Equity markets witnessed a turnaround on Thursday as both the Sensex and Nifty rebounded from initial losses influenced by a weak market sentiment. Currently, domestic indices are trading slightly higher. As of 9:46 am, the BSE Sensex recorded a gain of 108 points at 65,783, while the NSE Nifty50 showed an uptick of 23 points at 19,698.
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On the 30-share Sensex platform, stocks such as NTPC, TCS, HCL, Tata Motors, Sun Pharma, and ITC experienced positive movement. Conversely, PowerGrid, Bajaj Finance, JSW Steel, Titan, Bajaj Finserv, and Tata Steel found themselves in the red. TCS saw a nearly 1% increase after setting the buyback issue price at Rs 4,150, reflecting a 22% premium from the previous close. On the other hand, Bajaj Finance declined by 1.5% following RBI’s restriction on two digital lending products: Insta EMI and eCOM.
In the broader markets, the BSE Midcap and Smallcap indices showed gains of up to 0.31%.
Sectoral Movement: Oil & Gas in Green, Metals and Financials Dip : Sensex Gains 100 Points
Within sectors, the Nifty oil & gas index gained 0.5%, while the Metals and Financial indices experienced a decline of 0.6%.
In the preceding session on Wednesday, the Sensex surged by 742 points to close at 65,676, and the NSE Nifty50 concluded at 19,675, marking a gain of 232 points.
In the global scenario, markets in Seoul, Tokyo, Shanghai, and Hong Kong were trading lower, whereas the US markets closed with gains on Wednesday.
The global oil benchmark, Brent crude, witnessed a 0.75% decline, settling at $80.57 per barrel.
Foreign Institutional Investors (FIIs) turned buyers on Wednesday, acquiring equities worth Rs 550.19 crore after continuous offloading of shares, as per exchange data.
Meanwhile, the Indian rupee started trading lower at 83.18 against the US dollar on Thursday due to a strong greenback in overseas markets. However, FII inflows and decreasing crude oil prices helped the rupee limit its decline, according to forex dealers. In the interbank foreign exchange market, the rupee opened at 83.18 and appreciated by 24 paise to close at 83.09 against the US dollar on Wednesday following lower-than-expected US inflation
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