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, the rupee and Indian stocks both traded relatively unchanged, with downside risks consistent with those of the world’s leading US markets.
Sensex was trading at 61,771.83 in the opening session, up barely 21.23 points or 0.034 percent, while Nifty was at 18,328.90 points, down 15.00 points or 0.082 percent.
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According to data from the National Stock Exchange, the top five gainers among the Nifty 50 companies were Asian Paints, Axis Bank, Kotak Mahindra Bank, Infosys, and Cipla, while the top five losers were Eicher Motors, Apollo Hospitals, Mahindra & Mahindra, Britannia, and Hero Motocorp.
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“There are no major global or domestic triggers that can move the markets decisively as of now. Therefore, the market is likely to meander around the current levels…Also, there is no trigger to push the market decisively into sharp correction territory.
The texture of the market continues to be Buy on Dips,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Meanwhile, the rupee opened at 81.57 against the US dollar as against the previous session’s close of 81.65.
As the US dollar index has fallen significantly in recent sessions, the rupee has generally strengthened against the global benchmark dollar. The most recent US dollar decline is advantageous for other currencies.
With the exception of the most recent increase in November, the Indian rupee has been declining over the past few weeks, hitting brand-new record lows.
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