Stock market declines for third consecutive day, Nifty breaks key support of 17,500

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Stock market fell for three days, Sensex rose 300 points, Nifty crossed 17,600 Stock market fell for three days Sensex rose 300 points Nifty crossed 17600


Photo:PTI stock market

Highlights

  • Foreign investors sold shares worth a net Rs 2,509.55 crore on Thursday
  • Sensex is trading at 58,542.60, down 577.12 points
  • Nifty is trading 169.70 points down at 17,460.10 points

Stock Market: Due to a weak trend in the global stock markets, the domestic stock market is seeing a decline for the third consecutive day on Friday. The decline has increased since the market opened. The BSE Sensex, based on 30 shares, is trading at 58,542.60, down 577.12 points. At the same time, NSE Nifty is trading at 17,460.10 points, falling 169.70 points below 17,500.

The fall in the shares of these companies

In the Sensex, Power Grid, IndusInd Bank, HDFC, Mahindra & Mahindra and Axis Bank declined in early trade. On the other hand, Tata Steel, Hindustan Unilever, Sun Pharma, Infosys, HCL Technologies and Dr Reddy’s were trading in gains. Among other Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading in losses. The US markets also closed with losses on Thursday. In the previous trading session, the 30-share Sensex was down 337.06 points, or 0.57 per cent, at 59,119.72 points. The Nifty of the National Stock Exchange also closed at 17,629.80, down 88.55 points, or 0.50 percent.

Foreign investors again became sellers

Foreign institutional investors (FIIs) sold shares worth a net Rs 2,509.55 crore on Thursday, according to provisional stock market data. Meanwhile, international oil standard Brent crude fell 0.50 per cent to $ 90.02 per barrel.

Rupee crosses 81 per dollar

The rupee fell 44 paise to cross the 81 level against the US dollar for the first time in early trade on Friday, as investors avoided risk-taking amid a firming US dollar. Forex traders said investors are hesitant to take risks as US central banks Federal Reserve and Bank of England hiked rates to tame inflation and geopolitical tensions in Ukraine. Apart from this, the strength of the US currency in the foreign markets, the fall in the domestic stock market are also affecting the rupee. The rupee opened at 81.08 against the dollar in the interbank foreign exchange market, then slipped further to 81.23, showing a decline of 44 paise over the previous closing price. On Thursday, the rupee had lost 83 paise to close at an all-time low of 80.79.

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