Sensex recovers from four-day loss despite Infosys, RIL, L&T drag; FPIs remain net sellers


Asian stock markets were off to a cautious start, with the dollar trading within a tight range against its major rivals early Monday, Bloomberg reported.

S&P 500 futures were up 0.2% in early Asian trading after the index fell on Friday to end its worst week since March. Nasdaq 100 futures rose 0.2% after little change in the underlying gauge on Friday, supported by gains in Apple Inc as its latest iPhones and watches went on sale.

Brent crude rose to $93.69 a barrel and West Texas Intermediate was trading around $90. The yield on 10-year US bonds was trading at 4.43%, while Bitcoin was above the $26,000 level.

At 8 am, GIFT Nifty, an early indicator of the performance of the Nifty 50 index in India, was trading at 19,690.5, up 0.24% or 48 points.

India’s benchmark stock indices closed lower for the fourth consecutive day after swinging between gains and losses till Friday. Trade grew in auto and public sector banking, while pharma and healthcare sectors declined.

On a weekly basis, the headline indices broke three weeks ago. Sensex fell 2.57% this week and Nifty was down 2.70%. It was the steepest fall in a five-day period in nearly seven months since the week ending February 24.

The S&P BSE Sensex fell 221 points or 0.33% to 66,009.15, while the NSE Nifty 50 fell 68 points or 0.34% to 19,674.25.

Foreign investors remained net sellers of Indian equities for the fourth consecutive session on Friday. According to provisional NSE data, foreign portfolio investors sold shares worth Rs 1,326.74 crore. Domestic institutional investors remained net buyers and raised equity worth Rs 801.27 crore.

On Friday, the Indian rupee strengthened by 15 paise and closed at 82.94 against the US dollar.

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