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Mixed global cues, lower crude prices suppress equity markets
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SME Times News Bureau | 23 Aug, 2016
Indian equity markets traded lower during the mid-afternoon session on
Tuesday as mixed global cues and lower crude oil prices subdued
investors' sentiments.
Heavy selling pressure was witnessd in capital goods and oil and gas stocks.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) slipped by 22.70 points, or 0.26 per cent to 8,606.45 points.
The
barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at
28,012.56 points, traded at 27,933.71 points (at 1.50 p.m.) -- down
51.83 points, or 0.19 per cent from the previous close at 27,985.54
points.
The Sensex has so far touched a high of 28,028.98 points and a low of 27,902.78 points during the intra-day trade.
The BSE market breadth was minimally tilted in favour of the bears -- with 1,263 declines and 1,245 advances.
On Monday, both the key Indian indices were suppressed by negative global cues and a weak rupee.
The
barometer index had receded by 91.46 points, or 0.33 per cent, while
the NSE Nifty edged down 37.75 points, or 0.44 per cent.
Initially
on Tuesday, the benchmark indices opened on a flat-to-negative note on
the back of lower Asian and US markets, although the the European
markets closed higher.
The markets also traded with apprehension
as caution prevailed ahead of a speech by Federal Reserve Chair Janet
Yellen later in the week.
Investors are vigilant of a possible
interest rate hike in the US as this can potentially lead FPIs (Foreign
Portfolio Investors) away from emerging markets such as India.
In addition, lower crude oil prices led the key indices to cap gains.
However, a marginal recovery in rupee value kept the market spirits slightly buoyed.
“The
markets are devoid of any major action and are mostly in a
consolidating phase at present,” Anand James, Chief Market Strategist at
Geojit BNP Paribas Financial Services, told IANS.
“However,
the rupee is firm and has strengthened from yesterday's close. Also, the
foreign institutional investors have been net sellers for the first
time in August.”
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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