Due to weak global cues and foreign fund outflows, equity benchmark indices declined in early trade on Wednesday. The BSE Sensex declined 45.66 points to 65,734.60 in early trade. The Nifty slipped 12.75 points to 19,562.15.
However, later both the benchmark indices rebounded and were trading in the green. The Sensex quoted 45.98 points up at 65,826.24 and the Nifty traded with a gain of 16.15 points to 19,591.05.
From the Sensex pack, IndusInd Bank, Tata Steel, JSW Steel, Tata Motors, Asian Paints and Maruti were the major laggards. Bharti Airtel, UltraTech Cement, HDFC Bank, ITC and Reliance Industries were among the gainers.
How did Asian and US markets fare?
In Asian markets, Seoul, Shanghai and Hong Kong were trading lower while Tokyo quoted in the green. The US markets ended in negative territory on Tuesday. Global oil benchmark Brent crude climbed 0.07 per cent to USD 90.10 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,725.11 crore on Tuesday, according to exchange data. Rallying for the third day, the Sensex climbed 152.12 points or 0.23 per cent to settle at 65,780.26 on Tuesday. The Nifty advanced 46.10 points or 0.24 per cent to end at 19,574.90.
Rupee falls against dollar
The rupee depreciated 5 paise to 83.09 against the US dollar in early trade on Wednesday as elevated crude oil prices and the strength of the American currency weighed on investor sentiments.
Forex traders said the rupee is trading lower on strong dollar and sustained foreign fund outflows over the past few days. At the interbank foreign exchange, the domestic unit opened at 83.08, then touched 83.09, registering a decline of 5 paise over its last close.
On Tuesday, the rupee plunged by 33 paise to close at 83.04 against the US dollar. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell marginally by 0.09 per cent to 104.71.
(With inputs from PTI)
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