Rupee gains marginally, rises 2 Paise to 83.95 against U.S. Dollar in early trade
The Indian currency has been hovering near the 84 per dollar mark, a level that analysts suggest could act as a psychological threshold in the near term.
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The Indian currency has been hovering near the 84 per dollar mark, a level that analysts suggest could act as a psychological threshold in the near term.
The negative opening of the Sensex mirrors the growing concerns among investors over global economic uncertainties.
Among the top gainers were heavyweight stocks from the banking and IT sectors. HDFC Bank, ICICI Bank, and Infosys led the charge, contributing significantly to the Sensex’s gains.
Domestic Institutional Investors (DIIs) were net buyers of shares worth Rs 3,357 crore, while Foreign Institutional Investors (FIIs) were net sellers, offloading shares worth Rs 3,531 crore. The Sensex and Nifty closed lower amid sector-specific movements and mixed market sentiments.
He noted that market corrections are typical when indices approach all-time highs, suggesting that today's downturn aligns with expected market dynamics.
On August 1, Nifty closed above 25,000, and Sensex ended higher, buoyed by a surge in energy stocks. The Nifty rose 0.24% to 25,010, while the Sensex gained 0.15% to 81,867.
Investor sentiment towards HDFC Bank, the country's largest private lender, turned cautious after its quarterly results announcement. While the bank reported a 33.5% jump in net profit, concerns about asset quality and future growth prospects sparked the sell-off.
The Sensex gained a healthy 542.3 points (0.75%) over the week, while the Nifty 50 advanced by 183.75 points (0.84%). Notably, the Nifty 50 now sits just 100 points shy of the psychologically significant 22,000 mark.
Monday's trading session in India ended on a relatively subdued note, marking the first day of trading in the new year. While the benchmark Sensex and Nifty 50 indices eked out marginal gains, the broader midcap and smallcap segments witnessed a more robust upswing.
While Christmas kept markets closed on Monday, the remaining days proved fruitful for investors in companies like Reliance Industries, HDFC Bank, ICICI Bank, Hindustan Unilever, Bharti Airtel, ITC, SBI, and LIC.
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