Amidst immense tension in the world, the domestic stock market closed sharply on Wednesday. At the end of trading, BSE Sensex closed at the level of 76,704.13 with a sharp rise of 633.29 points. At the same time, NSE’s Nifty also closed at the level of 23777.80 with a gain of 196.65 points. Except FMCG and metal sectors, all other sectoral indices closed with gains. Realty, IT, auto, media, capital goods, consumer durables, telecom and infra sectors saw a rise of 1 to 3 percent.
According to the news, the Nifty Midcap index registered a gain of 2 percent, while the Smallcap index closed with a rise of 1.6 percent. Top gainers on Nifty included Jio Financial, Tech Mahindra, Infosys, Eternal and M&M. At the same time, names of falling stocks included Coal India, NTPC, HUL, Cipla and Sun Pharma.
What did the expert say?
After the recent decline, the recovery process in domestic stock markets continued due to opportunistic buying. This surge in the market was widespread, with growth seen in many sectors. According to Vinod Nair, Head of Research, Geojit Investments Ltd, this bullishness came from a mix of short covering and value buying. In particular, IT, realty and auto sectors led the market, while midcap and smallcap recovery also recorded good growth.
Indian rupee falls by 23 paise
The Indian rupee fell 23 paise to close at a record low of 92.63 (provisional) against the US dollar on Wednesday under the pressure of a strong US dollar and continued selling by foreign institutional investors (FIIs). According to Forex traders, high crude oil prices in the global market due to increasing tensions in West Asia further weakened investor sentiment. At the interbank foreign exchange market, the rupee opened at 92.42 and traded in the range of 92.41 to 92.48 for most of the session. However, it declined sharply in the late trade and closed at its all-time low of 92.63 (provisional), registering a fall of 23 paise from its previous close. The rupee also slipped to a record intra-day low of 92.65 during trading. Earlier on Tuesday, the rupee had touched an intra-day low of 92.47 and ultimately closed at an all-time low of 92.40.
Fall in crude oil prices
Crude oil prices fell in futures trade on Wednesday amid signs of easing concerns over supply in the global market. Crude oil fell Rs 137, or 1.54 per cent, to Rs 8,734 per barrel on the Multi Commodity Exchange (MCX). This decline was recorded in the contract for March delivery with a turnover of 5,244 lots. At the same time, the contract for April delivery also declined by Rs 98 or 1.11 percent to Rs 8,746 per barrel, in which 14,676 lots were traded.
According to analysts, crude oil prices remain volatile amid signs of easing geopolitical tensions in West Asia and supply-related concerns. A declining trend was also seen in the international market. Brent crude futures for May delivery fell 0.62 per cent to $102.78 a barrel, while West Texas Intermediate (WTI) crude fell 1.56 per cent to $94.04 a barrel in New York.
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