Market records steepest weekly declines in over two years
At close, Sensex ended near the 78,000 mark, shedding 1.5% from the previous session, while the Nifty fell below 23,600, also down 1.5%.
This morning, Indian market indices moved slightly higher while the rupee kept rising against the US dollar.
While the Nifty traded at 18,231.55 points, up 28.75 points or 0.16 percent, the Sensex opened at 61,278.82 points, up 93.67 points or 0.15 percent.
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The top five stocks of the Nifty 50 were Coal India, Adani Ports, Britannia, Indusind Bank, and Cipla. In contrast, according to statistics from the National Stock Exchange, Hindalco, Divi’s Laboratories, Power Grid Corporation of India, and NTPC were the top losers in early trade.
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“The strong momentum and favourable sentiments in the market can take the Nifty to record highs soon. The favourable tailwind from the mother market US and the sustained FII buying are strong positives,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
“Since India is the best-performing large market in the world this year, FIIs can’t afford to miss the rally. This is why FIIs have been sustained buyers during the last 8 trading sessions with a total buy figure of Rs 16670 crores.”
Meanwhile, the rupee opened at 81.39 against the US dollar versus the previous close of 81.91 on Monday.
The US dollar has been strengthening against other major world currencies over the past few weeks, which has caused the Indian rupee to decline to new record lows.
The rupee broke through the 83 mark for the first time ever in October. The rupee has declined by about 10% so far this year.
(inputs from ANI)
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