Stock market falls after initial gains
New Delhi| After two days of decline in domestic markets Sensex and Nifty, the stock market opened with green mark on the last day of the trading week. But soon they weakened due to selling pressure. Heavy withdrawal of foreign capital has worried investors.
BSE Sensex rose 270.76 points to 77,890.97 in early trade. NSE Nifty stood at 23,596 points, up 69.5 points. However, soon both the indices came in the red. BSE Sensex fell by 306.07 points at 77,313.56 points while Nifty slipped by 112.10 points to trade at 23,412.45 points.
Shares of Tata Consultancy Services rose four per cent among the 30 Sensex-listed companies. Shares of Tech Mahindra, Infosys, HCL Tech, Mahindra & Mahindra, HDFC Bank and Nestle also gained. Shares of IndusInd Bank, Zomato, NTPC, State Bank of India, Adani Ports and Power Grid were in loss. In Asian markets, South Korea’s Kospi was in profit while Hong Kong’s Hang Seng, China’s Shanghai Composite and Japan’s Nikkei were in loss.
The rupee fell one penny to 85.87 against the US dollar in early trade on Friday amid a strengthening US currency and heavy outflows of foreign capital. The rupee had closed at 85.86 against the US dollar on Thursday. Meanwhile, the dollar index, reflecting the position of the US dollar against the six major currencies, remained at 109.03, up 0.03 per cent. The 10-year U.S. bond yield also rose to 4.68 percent.
International standard Brent crude was up 0.31 percent at $77.16 a barrel. High crude oil prices abroad also put pressure on the Indian currency, forex traders said, although it received some support from positive signals from domestic stock markets.
