On Thursday Indian stock markets started on a positive note but soon turned negative. The S&P BSE Sensex slipped as much as 111.79 points to touch 35,996.68, while the Nifty50 barometer of the National Stock Exchange edged lower by 12.25 points to 10,819.25. Heavyweights HDFC, ICICI Bank, Infosys, Larsen & Tourbo and HDFC Bank contributed the most to the declines on the Sensex. The losses on Dalal Street were led by buying in auto, financial services and banking stocks.
At 9:22 am, the 30-share benchmark index traded 2.13 points or 0.01 per cent lower at 36,106.34, and the Nifty was at 10,829.65, down 1.85 points or 0.02 per cent from the previous close.
Top losers on the 50-scrip index were Tata Motors, Mahindra & Mahindra, Adani Ports, JSW Steel and Tata Steel, trading between 0.68 and 1.28 per cent lower.
On Thursday Asian shares were subdued as political uncertainty in the United States and worries about weakening global economic growth left investors wary of riskier assets. MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.1 per cent. It has gained 3.7 per cent so far this year.
In commodity markets, oil prices extended losses from Wednesday as the EU sought to circumvent United States trade sanctions against Iran, and on weaker U.S. gasoline prices.
Rupee rises 14 paise against dollar
The rupee strengthened 14 paise to 71.19 against the dollar at the interbank forex market on Thursday on increased selling of the American currency by exporters and banks.
Dealers said dollar’s weakness against other currencies overseas amid fears of a slowing global economy and US government’s record-long shutdown and early gains in domestic equity markets supported the rupee.
The rupee had snapped its three-day losing streak and settled higher by 11 paise at 71.33 against the US dollar.