Equity benchmark indices climbed in early trade on Wednesday, but later gave up all the gains to trade lower amid emergence of profit-taking, after an unabated record-breaking rally in the last few trading sessions.
The 30-share BSE Sensex climbed 44.19 points to 65,523.24 after beginning the trade on a positive note. Soon, it touched a high of 65,584.33, a gain of 105.28 points.
The NSE Nifty went up by 20.4 points to 19,409.40 in early trade. Later, it hit a high of 19,421.60, up 32.6 points.
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However, later both the benchmark indices gave up early gains and were trading lower amid profit-taking.
The BSE quoted 65.60 points lower at 65,413.45 and the Nifty traded 16 points down at 19,373.
From the Sensex pack, IndusInd Bank, ICICI Bank, Asian Paints, Larsen & Toubro, Maruti, Bajaj Finance, Hindustan Unilever and Nestle were the biggest gainers.
HDFC Bank, HDFC, Wipro, Bajaj Finserv, Kotak Mahindra Bank, Titan and Axis Bank were among the laggards.
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In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading lower.
US markets were shut on Tuesday.
Global oil benchmark Brent crude dipped 0.59 per cent to USD 75.80 a barrel.
Foreign Institutional Investors (FIIs) bought equities worth Rs 2,134.33 crore on Tuesday, according to exchange data.
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“The market has already run-up sharply to record highs in the last few sessions on the back of strong FII inflows. Investors will be eyeing the US Federal Open Market Committee (FOMC) minutes to be released later today,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
Rallying for the fifth straight session on Tuesday, the BSE benchmark had jumped 274 points or 0.42 per cent to settle at its all-time closing high of 65,479.05. During the day, the benchmark had surged 467.92 points or 0.71 per cent to hit its lifetime intra-day peak of 65,672.97.
The Nifty climbed 66.45 points or 0.34 per cent to end at a fresh record high of 19,389. During the day, it advanced 111.6 points or 0.57 per cent to hit its all-time intra-day peak of 19,434.15.
Rupee falls 7 paise to 82.08 against US dollar
The rupee depreciated 7 paise to 82.08 against the US dollar in early trade on Wednesday, weighed down by strength of the American currency in the overseas market amid an increased demand for the dollar from importers.
Sustained foreign fund inflows supported the local unit and contained the fall.
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At the interbank foreign exchange, the domestic unit opened at 82.05, then fell to 82.08, registering a decline of 7 paise over its last close.
On Tuesday, the rupee had settled at 82.01 against the dollar.
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The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.08 per cent to 103.12.
Brent crude futures, the global oil benchmark, fell 0.59 per cent to USD 75.80 per barrel.
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“Rupee has been ranged in the past few days with dips to the USD getting bought by RBI/oil companies. In-flows continue to be showing strong momentum as FPIs continue to be in a strong buying mode in respect of equities and debt,” said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.
Bhansali further noted that the Federal Open Market Committee (FOMC) minutes and Nonfarm Payrolls are the important data releases to be watched.
In the domestic equity market, the 30-share BSE Sensex was trading 70.76 points or 0.11 per cent lower at 65,408.29. The broader NSE Nifty declined 13.90 points or 0.07 per cent to 19,375.10.
Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Tuesday as they purchased shares worth Rs 2,134.33 crore, according to exchange data.