Mumbai: The BSE Sensex declined 120.21 points to close at 84,559.65 on Wednesday. Intraday, it dropped 263.88 points to 84,415.98. The 50-share NSE Nifty
went down by 41.55 points to a week’s low of 25,818.55. The markets dropped due to unabated selling by foreign investors.
Laggards from the Sensex pack: Asian Paints, Adani Ports, ICICI Bank, Trent, HDFC Bank, Titan, Bajaj Finserv, and Bharat Electronics. Gainers included Infosys, Axis Bank, Maruti, and State Bank of India.
Shanghai’s SSE Composite index, Japan’s Nikkei 225 index, and Hong Kong’s Hang Seng index and South Korea’s Kospi settled in positive territory. The US stock markets settled mostly lower on Tuesday. Brent crude, the global oil benchmark, gained 1.19 per cent to USD 59.62 per barrel.
FII selling continues; what expert said on market movement
Foreign Institutional Investors (FIIs) continued to sell equities as it offloaded stocks worth Rs Rs 2,381.92 crore on Tuesday, while Domestic Institutional Investors (DIIs) pumped in Rs 1,077.48 crore to buy equities.
Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said that the infusion of money by domestic investors through SIPs and insurance channels are continuing to provide a strong structural buffer and helping to limit downside risks.
Meanwhile, the rupee recovered 55 paise from its all-time low level to settle at 90.38 (provisional) against the US dollar after a volatile trade on Wednesday, amid suspected aggressive central bank intervention.
“The Indian rupee appreciated after a five-day losing streak, bolstered by suspected aggressive intervention from the central bank,” Dilip Parmar, Research Analyst, HDFC Securities, told PTI.
On 16 December, the 30-share Sensex dropped 533.50 points to finish at 84,679.86. The 50-share Nifty declined 167.20 points to settle at 25,860.10.
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