Stock markets slip with rupiah and weak Asian markets

0
  • Indian markets opened on a negative note, following Asian markets.
  • Sensex traded 245 points lower at 57,979 while Nifty50 was down 70 points at 17,261.
  • The Rupee fell to fresh lows at 82.35 to the dollar today.
  • Most sector indexes were in the red, with banks, metals and consumer staples falling the most.

Indian markets opened on a negative note on Friday, reflecting losses in Asian markets and a weaker rupee.

Sensex was trading 245 points lower at 57,979 while Nifty50 was down 70 points at 17,261. Stocks have finished in the green for the past two trading sessions, which was broken today.

The Rupee fell to a new all-time low of 82.35 per dollar today due to monetary policy tightening by central banks and rising crude oil prices.

Crude oil prices continue to rise with the price of Brent crude at $94.32 per barrel. OPEC opted for a major supply cut of around 2 million barrels a day – its biggest cut since the Covid 2020 pandemic.

Most sector indexes were in the red, with banks, metals and consumer staples falling the most. Inflation fears reported by Dabur on Thursday impacted investor sentiment. The consumer goods major said soaring inflation in the second quarter could impact its operating margins.

Indices like Nifty Auto, Nifty IT recouped some of the early losses and were trading flat.

Titan was the biggest gainer on the 50-stock index as it posted 18% sales growth in Q2FY23 with the addition of 105 stores in the quarter. The company recorded healthy double-digit growth across most businesses.

Top Winners % change Main losers % change
Titan 5.18% BPCL -1.43%
MotoCorp Heroes 2.02% JSW Steel -1.13%
UPL 1.90% Tata Steel -1.01%
Maruti-Suzuki 1.45% ICICI Bank -1.00%
Bajaj Auto 1.40% M&Ms -0.97%
Apollo Hospitals 0.71% SBI -0.92%
Trust Industries 0.53% IndusInd Bank -0.78%
HDFC life insurance 0.46% HDFC Bank -0.73%

SEE ALSO: Nykaa enters joint venture with Dubai-based fashion retailer Apparel Group
Axis MF launches a fund of funds focused on the Nasdaq 100

Share.

Comments are closed.