Equity markets settle flat in volatile trade | Business News


Equity benchmark indices Sensex and Nifty ended almost flat in highly volatile trade on Thursday amid the lack of any immediate trigger.

The 30-share BSE Sensex dipped 5.43 points or 0.01 per cent to settle at 66,017.81. During the day, it hit a high of 66,235.24 and a low of 65,980.50. The Nifty slipped 9.85 points or 0.05 per cent to 19,802.

Among the Sensex firms, UltraTech Cement, Larsen & Toubro, Bajaj Finance, Tata Consultancy Services, NTPC, Infosys, Titan and Asian Paints were the major laggards. IndusInd Bank, JSW Steel, Bharti Airtel, Wipro, HDFC Bank and Tata Steel were the major gainers.

In Asian markets, Seoul, Shanghai and Hong Kong settled in the green. European markets were trading with marginal gains. The US markets ended in positive territory on Wednesday.

“Range-bound momentum continued on main indexes as the market looked for new triggers for a decisive move beyond the 19,800 level. However, the broad markets’ undercurrent is strong and rapid buying has emerged in the mid and small-cap counters as a bargaining strategy arose on recent underperforming stocks. “The declining oil prices and ease in US bond yields are the key positives for a broader recovery for the market,” said Vinod Nair, Head of Research at Geojit Financial Services.

Festive offer

Global oil benchmark Brent crude declined 1.50 per cent to USD 80.73 a barrel. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 306.56 crore on Wednesday, according to exchange data.

The BSE benchmark climbed 92.47 points or 0.14 per cent to settle at 66,023.24 on Wednesday. The Nifty edged higher by 28.45 points or 0.14 per cent to 19,811.85.

Rupee edges 2 paise lower to close at 83.34 on FII outflows

The rupee slipped by 2 paise to settle at 83.34 (provisional) against the US dollar on Thursday due to FII outflows and weak local equities.

Oil prices sliding more than 1 per cent and the US currency trading lower against its major global rivals restricted the rupee’s fall, forex dealers said. At the interbank foreign exchange market, the local unit opened higher at 83.30 against the US dollar. It later moved in a tight range of 83.29 to 83.36 in the day trade.
The rupee finally closed lower by 2 paise at 83.34. The unit had closed at 83.32 on Wednesday.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.31 per cent down at 103.60.

The greenback had strengthened on Wednesday after the Fed meeting minutes suggested a hawkish tone of the Federal Open Market Committee (FOMC). Brent crude futures, the global oil benchmark, fell 1.45 per cent to USD 80.77 per barrel.

On the domestic equity market front, Sensex slipped by 5.43 points or 0.01 per cent to close at 66,017.81 points. The Nifty50 declined 9.85 points or 0.05 per cent to settle at 19,802. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday as they sold shares worth Rs 306.56 crore, according to exchange data.



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