Sensex falls 305 pts, Nifty down 79 pts; Rupee strengthens 18 paise to 81.08 | News Bharat

The Sensex fell 305.61 points to 62,978.58 in early trade on Friday, while the Nifty fell 79.65 points to 18,732.85. However, the rupee gained 18 paise to 81.08 against the dollar in early trade.

Of the Sensex constituents, 25 out of 30 were in the red. Mahindra and Mahindra, Hindustan Unilever, Asian Paints, Bajaj Finance and HDFC were among the top losers in the Sensex. However, Tech Mahindra, IndusInd Bank, Reliance, Tata Steel and Dr Reddy were all trading in positive territory.

Domestic stocks ended higher in the past eight days through Thursday. The 30-share BSE Sensex rose for the eighth day in a row, rising 184.54 points or 0.29 percent to close at 63,284.19 on Thursday, a new closing high. On the day, it rose 483.42 points or 0.76% to 63,583.07, the intraday high of its lifetime. In eight days, the BSE benchmark index rose by 2,139.35 points or 3.49%.

The market capitalization of BSE-listed companies hit an all-time high of Rs 2,898.8 trillion on Thursday after the stock market continued to rise.

VK Vijayakumar, chief investment strategist at Geojit Financial Services, said: “A major market positive that has helped global equities over the past few days has been the steady decline in the U.S. dollar index and U.S. bond yields. This trend continues. The U.S. dollar index is currently below 105, The U.S. 10-year Treasury yield is about 3.43%. Another important data is the decline in U.S. manufacturing activity in November.”

He added that from a market perspective, this negative economic news is paradoxically positive because it shows that the U.S. economy is responding to monetary tightening by the Federal Reserve. “As a result, U.S. inflation could fall further, allowing the Fed to slow the pace of rate hikes and possibly pause in the first quarter of 2023. That would be positive for the market.” higher level. The space for further expansion of PE is limited. Therefore, the market may consolidate around current levels. “

The rupee rose 18 paise to 81.08 per dollar in early trade on Friday.

Anand James, chief market strategist at Geojit Financial Services, said, “The early sell-off was strong enough to see around 81, which encouraged bargain hunting. However, a break above 81.35 is needed to revive upside hopes. Will reach 80.7 later.”

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