Flat start in the stock market; Trading continues with fluctuations in Sensex-nifty
New Delhi| The Indian blue-chip index, Sensex and Nifty looked slightly weaker on Wednesday after reaching record levels in four consecutive sessions. The reason for this was the decline in IT and banking stocks. Around 9:017 am, the BSE Sensex was seen trading at 84,850, down 64 points or 0.08%. At the same time, Nifty50 closed at the level of 25,910, down 30 points or 0.12%.
Benchmark indices softened after hitting record highs in every session since the US Federal Reserve cut interest rates by 50 basis points last week. Among Sensex stocks, HCL Tech, Asian Paints, Tech Mahindra, Bajaj Finance, Bajaj Finserv, Infosys and SBI declined. On the other hand, Power Grid, Tata Steel, JSW Steel, UltraTech Cement and Titan registered early gains.
On the regional front, the Nifty metal rose 1.2%, strengthening for the second consecutive day after China announced a series of measures to boost its slowing economy. Meanwhile, Nifty Financial Services, FMCG, IT, PSU Bank, Realty and Healthcare indices opened in the red.
In separate stocks, Easy Trip Planners fell 7.4% in early trading. There have been reports that promoter Nishant Pitti has sold up to 8.5% stake in the company through a block deal. At the same time Delta Corp shares jumped 10% after the announcement of the demerger of its real estate and hospitality businesses.
China’s stock market rose on Wednesday. It also had a positive impact on regional markets and helped drive the global rally. Maine Land China’s Blue Chips shares climbed to 3.1% after a 4.3% jump in the previous session. Hong Kong’s Hang Seng rose 2.2%. It had gained 4.1% on Tuesday.
Other Asian indices were also boosted by the strong start of China’s shares. Taiwan’s benchmark posted gains of 1.3% and South Korea’s Kospi of 0.1%. MSCI’s largest index of Asia-Pacific shares outside Japan gained 1%. Japan’s Nikkei also took the lead at 0.3%, suffering an early weakness. This was helped by the decline in the traditionally safe yen.
According to provisional data from FII/DII Tracker, foreign institutional investors (FIIs)/foreign portfolio investors (FPIs) sold shares worth a net Rs 2,784.14 crore on 24 September 2024 and domestic institutional investors bought shares worth Rs 3,868.31 crore. Crude oil prices fell on Wednesday after rising in the last session. Brent crude futures fell 14 cents to $74.31 a barrel. U.S. West Texas Intermediate crude fell 22 cents to $71.35 a barrel.
The rupee strengthened on Wednesday and rose 6 paise to 83.57 against the dollar. The dollar index, reflecting the movement of the dollar against the world’s six major currencies, fell by 0.21% to a level of 100.25.
