Stock markets continue to rally in early trade for 4th consecutive day; Rupee falls 4 paise against US dollar

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Stock markets continue to rally in early trade for 4th consecutive day; Rupee falls 4 paise against US dollar


Image Source : PTI/FILE Stock markets continue to rally in early trade for 4th consecutive days

Stock Markets replace: Equity benchmark indices maintained their successful streak for the fourth day working on Tuesday, helped by steady overseas fund inflows. The 30-share BSE Sensex climbed 131.32 factors to 62,977.70 in early trade. The NSE Nifty superior 49.6 factors to 18,648.25.

From the Sensex pack, ITC, UltraTech Cement, Kotak Mahindra Bank, HCL Technologies, NTPC, Titan, Bharti Airtel, Bajaj Finance, Larsen & Toubro and Reliance Industries have been the most important gainers. Nestle, Tata Steel, HDFC, Tata Consultancy Services and HDFC Bank have been the laggards.

How did Asian markets fare? 

In Asian markets, Tokyo, Shanghai and Hong Kong have been buying and selling decrease, whereas Seoul quoted in the inexperienced. Foreign Institutional Investors (FIIs) have been web patrons on Monday as they purchased equities price Rs 1,758.16 crore, in accordance to trade knowledge.

“FIIs’ relentless buying and hopes of a Fed rate hike pause could help maintain the buying momentum,” stated Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.


Meanwhile, international oil benchmark Brent crude dipped 0.52 per cent to USD 76.67 a barrel.

“So long as this foreign portfolio liquidity remains strong, the market will remain resilient. The underlying market momentum indicates an uptrend that can take the market higher. But investors need not expect a sustained sharp rally since valuations don’t warrant that and profit-booking will exert selling pressure,” stated V Okay Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

US markets: Strong earnings season probably

The US markets have been closed on Monday for Memorial Day, stated Deepak Jasani, Head of Retail Research, HDFC securities. 

“While the debt ceiling deal is likely to calm market jitters, and with a strong earnings season out of the way, investors now turn their attention to the economic outlook and path of interest rates,” Jasani added. The Sensex climbed 344.69 factors or 0.55 per cent to settle at 62,846.38 on Monday. The Nifty gained 99.30 factors or 0.54 per cent to finish at 18,598.65.

ALSO READ: Equity markets rally in early trade; Rupee rises 5 paise against dollar

Rupee falls 4 paise against US dollar

Meanwhile, the rupee depreciated by 4 paise to 82.67 against the US dollar in early trade on Tuesday, monitoring a powerful American foreign money against main rivals abroad. Forex merchants stated downward motion in crude worth and inflows of overseas funds, nonetheless, capped the autumn in the Indian foreign money.

Meanwhile, the dollar strengthened as traders have been upbeat on the tentative settlement between US President Joe Biden and Republican House Speaker Kevin McCarthy on the debt ceiling, which is probably going to face voting on Wednesday earlier than getting sealed.

Traders have been additionally maintaining a tally of the US non-farm payroll (NFP) knowledge to be launched on Friday.

“Rupee traded in a slim vary and volatility remained low as most market contributors remained on the sidelines following the US market vacation. On the opposite hand, the dollar was weighed down after preliminary talks between the Republicans and Democrats sailed by.

(With inputs from PTI) 

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