Saturday, July 20, 2024

Markets decline in early trade after record rally

Bombay Stock Exchange (BSE).

Bombay Stock Exchange (BSE).
| Photo Credit: REUTERS

Benchmark equity indices declined in early trade on Friday amid profit-taking after a record rally in the previous day and fresh foreign fund outflows.

The 30-share BSE Sensex declined 206.18 points to 76,604.72. The NSE Nifty dipped 61.5 points to 23,337.40.

Among the 30 Sensex companies, Tech Mahindra, JSW Steel, HCL Technologies, NTPC, Bajaj Finserv, Kotak Mahindra Bank, Wipro and Tata Consultancy Services were the major laggards.

Titan, Asian Paints, Mahindra & Mahindra and Hindustan Unilever were among the biggest gainers.

In Asian markets, Seoul quoted higher while Tokyo, Shanghai and Hong Kong traded lower.

U.S. markets ended on a mixed note on Thursday.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹3,033 crore on Thursday, according to exchange data.

“In the near-term the market is likely to be range bound since there are no major triggers till the budget,” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Global oil benchmark Brent crude declined 0.41% to $82.41 a barrel.

The BSE benchmark jumped 538.89 points or 0.70 to hit its lifetime peak of 77,145.46 on Thursday. It later ended at a fresh record high at 76,810.90; up 204.33 points or 0.27%.

The Nifty rallied 75.95 points or 0.33% to settle at a new closing high of 23,398.90. During the day, the benchmark climbed 158.1 points or 0.67% to its record peak of 23,481.05.

“Investors anticipate consolidation amid uncertainties, awaiting India’s budget announcement and the U.S. Federal Reserve’s next rate cut,” Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.

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