Share Market Today: Sensex Drops 100 Points; Nifty Tests 24800 Amid High Volatility
Share market today: On the 30-share Sensex platform, Infosys, Titan, ITC, Tata Steel, UltraCemco, TechM are among early losers
Share market today: The two domestic equity benchmark indices, Sensex and Nifty, on Friday are trading in the red amid high volatility, tracking subdued global cues. At 9.35 am, the BSE Sensex dropped 125 points to 80,928. On the other hand, the NSE Nifty50 dropped 23 points to 24,789.
Stock update
On the 30-share Sensex platform, Infosys, Titan, ITC, Tata Steel, UltraCemco, TechM are among early losers. On the flip side, Tata Motors, Reliance, Airtel, Sun Pharma, Bajaj Finserv, HUL emerged gainers.
In the previous session on Thursday, the BSE benchmark index settled at 81,053, rising 148 points, while the NSE Nifty50 ended at 24,812, up 41 points.
Investors are keenly watching US Federal Reserve Chairman Jerome Powell's upcoming keynote at the Jackson Hole Symposium, taking place from August 22 to 24, for signals on potential interest rate cuts this year.
Global update
On Thursday, all three major US stock indexes dipped, with tech shares leading the decline, as rising Treasury yields reflected easing recession concerns in the US ahead of Powell's speech. The Dow Jones Industrial Average slid 177.71 points to 40,712.78, while the S&P 500 dropped 50.21 points to 5,570.64, and the Nasdaq Composite tumbled 299.63 points to 17,619.35 overnight.
Asian markets were also mostly down, as investors globally focused on the central bankers' gathering to gauge the likelihood of an interest rate easing cycle amidst gradually moderating inflation.
Japan’s Nikkei 225 edged down 0.15 per cent to 38,150, while Australia’s ASX 200 fell nearly 0.4 per cent, and Hong Kong's HSI slipped 0.34 per cent.
Rupee gains 5 paise
Rupee traded in a narrow range and appreciated 5 paise to 83.88 against the US dollar in morning trade on Friday, supported by easing crude oil prices and fresh foreign fund inflows. Forex traders said significant correction in oil prices, which is hovering around $77 per barrel, is a major positive for the rupee, given India's substantial oil imports.
At the interbank foreign exchange market, the local unit opened at 83.93 and then gained ground and touched 83.88, registering a rise of 5 paise from its previous close. On Thursday, the rupee traded in a narrow range and settled lower by 3 paise at 83.93 against the American currency.
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