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Equity market slip on oil, fund outflows; banking stocks down
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SME Times News Bureau | 12 Jan, 2019
Heavy fund outflows, along with a continuous rise in global crude oil
prices and caution ahead of key micro-economic data, dragged the Indian
equity market into the red on Friday.
Accordingly, the benchmark Brent crude futures price crossed the $62 a-barrel-mark.
Index-wise, the NSE Nifty50 declined by 33.55 points or 0.31 per cent to settle at 10,821.60 points.
The
S&P BSE Sensex closed at 36,009.84 points, lower by 96.66 points or
0.27 per cent from the previous close of 36,106.50 points.
It had opened at 36,191.87 points and touched an intra-day high of 36,214.26 and a low of 35,840.60.
Besides,
investors were cautious ahead of the key macro-economic figures like
forex reserves, industrial production output figures.
"Stock
markets in India opened the day on a positive note and edged higher in
early trade," said Abhijeet Dey, Senior Fund Manager-Equities, BNP
Paribas Mutual Fund.
"However, indices subsequently reversed
trend and turned negative to finally close the day with marginal losses.
Overseas, stocks in Asia and Europe were trading higher as investor
sentiment improved following overnight gains on Wall Street."
The Indian rupee ended the Friday's trade session at Rs 70.49 to a dollar from its previous close of 70.41.
"Despite
positive global cues, Nifty saw a broad based consolidation today as
investors turned cautious over Q3 results and FII selling," Geojit
Financial Services' Head Of Research Vinod Nair said.
"Currently,
market is pricing (factoring) further downgrade in earnings given
disappointment from initial set of results from banks and margin
pressure in IT sector. INR is losing strength given rebound in oil
prices on the back of production cut by OPEC and concern over populist
tone as general elections nears."
Investment-wise, FIIs sold Rs 687.20 crore while DIIs bought stocks worth over Rs 123.17 crore on Friday.
"Technically,
with the Nifty correcting further, traders will need to watch if the
index can now hold above the immediate supports of 10,739; else a
further correction is likely,"said Deepak Jasani of HDFC Securities.
In terms of sector, IT, banking and finance counters witnessed heavy selling.
Realty
sector stocks also ended 1.43 per cent lower after Finance Minister
Arun Jaitley said at Thursday's GST Council Meeting that owing to
diverse opinions, a decision on the much-expected rate reduction for
under-construction homes will be taken at a later meeting.
Stock-wise,
the top gainers on Sensex were ITC with 2.02 per cent It was followed
by ONGC Vedanta, Infosys and Axis Bank rising up to 1 per cent.
In
contrast, IndusInd Bank lost 3.26 per cent followed by Tata Motors
which lost 2.83 per cent. TCS, Tata Motors (DVR) declined over 2 per
cent. Yes Bank lost 1.47 per cent.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
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64.50 |
UK Pound
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87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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