Benchmark equity indices Sensex and Nifty edged higher on Wednesday after a volatile trade amid weak cues from Asian and European markets along with unabated foreign fund outflows.
The 30-share BSE Sensex advanced by 33.21 points or 0.05 per cent to settle at 64,975.61. During the day, it hit a high of 65,124 and a low of 64,851.06.
The broader Nifty went up by 36.80 points or 0.19 per cent to close at 19,443.50 with 29 of its components closing in green and the rest 21 in red.
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Among the Sensex firms, Asian Paints, Titan, Larsen & Toubro, JSW Steel, ITC, Hindustan Unilever, Maruti and Reliance Industries were the major gainers.
ICICI Bank, NTPC, Infosys, Tech Mahindra, Tata Steel and Bajaj Finance were among the laggards.
In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled lower.
European markets were trading in the negative territory. The US markets ended in positive territory on Tuesday.
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Global oil benchmark Brent crude climbed 0.15 per cent to USD 81.73 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 497.21 crore on Tuesday, according to exchange data.
“The domestic market traded rangebound with a positive bias. And further confidence may be derived from the global market cues post the FED chair speech. Oil prices continued to fall, which will provide respite to the domestic economy and navigate a downward trajectory to inflation & fiscal,” said Vinod Nair, Head of Research at Geojit Financial Services.
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The BSE benchmark dipped 16.29 points or 0.03 per cent to settle at 64,942.40 on Tuesday. The Nifty slipped 5.05 points or 0.03 per cent to 19,406.70.
Rupee falls 1 paisa to close at 83.28 against US dollar
The rupee consolidated in a narrow range and settled lower by 1 paisa at 83.28 (provisional) against the US dollar on Wednesday, tracking a strong American currency overseas.
Forex traders said a muted trend in domestic equities also weighed on the local unit while a correction in oil prices provided support to the currency.
At the interbank foreign exchange market, the local unit opened at 83.25 and touched a low of 83.29 against the greenback.
It finally settled at 83.28 (provisional) against the dollar, registering a fall of 1 paisa from its previous close.
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On Tuesday, the rupee had settled lower at 83.27 against the US dollar.
“Decline in oil prices is positive for the domestic currency; however, a firmer dollar index is helping the pair trade with a slight gain,” said Praveen Singh, Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.
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Singh further noted that traders will be paying close attention to Jerome Powell’s speech. Bank of England Governor Andrew Bailey’s speech will also be in focus.
“Geopolitical tensions continue to simmer due to the Middle East war; however, the war is being seen as largely contained. Overall, the USD-INR pair is still seen range-bound between Rs 82.80 and Rs 83,” Singh said.
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The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.24 per cent higher at 105.79.
Brent crude futures, the global oil benchmark, rose 0.10 per cent to USD 81.69 per barrel.
On the domestic equity market front, Sensex rose 33.21 points or 0.05 per cent to settle at 64,975.61. The Nifty advanced 36.80 points or 0.19 per cent to 19,443.50.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday as they sold shares worth Rs 497.21 crore, according to exchange data.