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Indices fall for sixth straight day, Sensex sheds 2.7% this week cumulatively
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SME Times News Bureau | 13 May, 2022
Indian
equity benchmark indices have extended their fall for the sixth
straight day on Friday, led by losses in banking, financial and metal
stocks.
Shedding its entire opening gains, the domestic indices entered into the red territory later in the day on Friday.
Sensex
closed at 52,794 points, down 137 points or 0.3 per cent, whereas Nifty
closed at 15,782 points, down 26 points or 0.2 per cent.
Notably,
equity investors were concerned about the persistent high inflation
globally and tightening monetary policy stance by several central banks.
India's
retail inflation accelerated to 7.79 per cent in April due to high fuel
and food costs. The inflation print remained above the tolerance limit
of the central bank for a fourth month in a row.
"Domestic
markets witnessed a rebound as buyers took the recent correction into
their advantage following the trend of the global market. However, the
weakness seen in the banking sector triggered a late selloff," said
Vinod Nair, Head of Research at Geojit Financial Services.
The US
Fed cautioned against an aggressive policy stance in order to bring
inflation under the Fed's comfort zone of 2 per cent, Nair added.
Global
stocks rose on Friday on account of bargain buying after Federal
Reserve Chair Jerome Powell pushed back against speculation of steeper
interest-rate hikes.
Risk sentiment was also boosted by a rebound in cryptocurrencies, said Deepak Jasani, Head of Retail Research, HDFC Securities.
"The
fact that Nifty keeps witnessing selling pressure on rises during the
day is disappointing as it seems to be a regular phenomenon lately.
15,671 is the near term low where the Nifty could take support," he
said.
The fresh selling pressure in the banking pack is further
adding to the negativity, said Ajit Mishra, VP, Research, Religare
Broking.
"We thus reiterate our negative view and suggest
continuing with the 'sell on the rise' approach. Since most sectors are
reeling under pressure, participants should align their positions
accordingly and avoid contrarian bets."
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
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64.50 |
UK Pound
|
87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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