Mumbai : The stock market trading has been very dull on Wednesday, because in the early trading of this day you have seen a decline in both the major indices. The biggest reason behind this decline is being said to be profit booking by investors.
BSE's 30-share index Sensex has seen a fall of 171 points in early trading, after which the Sensex came down to the level of 84,743.04 points. Also, NSE Nifty has slipped from the level of 48.7 points to the level of 25,891.70 points. Among the 30 Sensex listed companies, shares of Tech Mahindra, Asian Paints, HCL Technologies, Nestle, Adani Ports, Infosys, Tata Motors and State Bank of India were the biggest losers. Shares of Power Grid, Mahindra & Mahindra, HDFC Bank and Maruti were among the gainers. In Asian markets, South Korea's Kospi remained in loss, while Hong Kong's Hang Seng, Japan's Nikkei 225 and China's Shanghai Composite were the biggest gainers.
Rupee increased by 10 paise
In the interbank foreign exchange market, the rupee opened at 83.59 per dollar and then rose to 83.54 per dollar, showing an increase of 10 paise from the previous closing price. The rupee had closed at 83.63 against the US dollar on Tuesday.
Economy booming
International standard Brent crude fell 0.28 percent to $ 74.96 per barrel. According to stock market data, foreign institutional investors (FIIs) were sellers on Tuesday and sold shares worth a net Rs 2,784.14 crore. The rupee strengthened by 10 paise to 83.53 per dollar in early trade on Wednesday amid weak trend of the dollar in global markets. Meanwhile, the Asian Development Bank (ADB) retained India's growth rate at 7 percent for the current financial year 2024-25 and said that the economy is expected to accelerate in the coming quarters on the back of better agricultural production and higher government expenditure. Is.
Export growth relatively slow
Meanwhile, the dollar index, which gauges the US dollar's position against six major currencies, was down 0.21 per cent at 100.25. In its September Asian Development Outlook (ADO), ADB said that exports in the current financial year 2024-25 will be higher than previously estimated, thanks to the increase in services exports. However, commodity export growth will remain relatively slow in the coming year 2025-26.
“GDP growth is expected to be seven percent in fiscal year 2024-25 (ending March 31, 2025) and 7.2 percent in fiscal year 2025-26,” ADB said. Both ADOs are equal to the estimate for April 2024.”
(with agency input)
Comments are closed.