Share Market Updates: Equity benchmark indices declined in early trade on Wednesday after rallying in the last four days amid a weak trend in Asian markets. Snapping its four-day rally, the 30-share BSE Sensex fell 261.4 points to 62,707.73. The NSE Nifty closed 79.95 points down at 18,553.90.
From the Sensex pack, State Bank of India, HDFC, Reliance Industries, NTPC, Axis Bank, HDFC Bank, Bajaj Finserv and Tata Steel were the major laggards. Sun Pharma, HCL Technologies, Tech Mahindra, Asian Paints, Tata Motors and Nestle were among the gainers.
Seoul, Tokyo, Shanghai and Hong Kong were trading with losses in the Asian markets. US markets closed with a mixed trend on Tuesday.
“Markets may witness a cautious start to Wednesday’s trade amid weak global cues,” said Prashant Tapase, Senior Vice President (Research), Mehta Equities Ltd.
He said investors will also be keeping an eye on Q4 GDP numbers to be announced later on Wednesday, which will provide some sense of where the economy is headed in the near to medium term.
Meanwhile, global oil benchmark Brent crude fell 0.26 per cent to USD 73.37 per barrel. On Tuesday, the Sensex climbed 122.75 points or 0.20 per cent to close at 62,969.13. The Nifty closed at 18,633.85, up 35.20 points or 0.19 per cent.
Foreign institutional investors (FIIs) were net buyers on Tuesday, buying shares worth Rs 2,085.62 crore, according to exchange data.
Read also: Why have foreign investors fallen in love with India all over again?
Rupee falls 3 paise to 82.70 against US dollar
Meanwhile, the rupee depreciated 3 paise to close at 82.70 against the US dollar in early trade on Wednesday tracking a stronger American currency against key rivals overseas and weak sentiments in domestic as well as global equity markets.
Forex traders said crude oil was trading below $75 a barrel and foreign fund inflows failed to support the Indian currency.
Dollar traded higher near 104 as positive development on US debt limit bill boosted investor sentiment. However, participants were also worried about the payrolls data to be released on Friday.
At the interbank foreign exchange, the domestic unit opened weak at 82.71 against the dollar. The currency touched a low of 82.73 and touched a high of 82.68 before trading at 82.70, a decline of 3 paise over its previous close.
(With PTI inputs)