Sensex, Nifty decline after hitting fresh record high levels in opening trade

Representative image

Equity benchmark indices reached fresh highs in early trade on Friday but were unable to maintain the gains, eventually trading lower due to sluggish global market trends. The 30-share BSE Sensex opened at an all-time high of 81,587.76 before falling by 166.93 points to 81,176.53. Similarly, the NSE Nifty fell 73.1 points to 24,727.75 after setting a new record high of 24,854.80 during the opening bell, reported PTI.

According to the report, Sensex laggards included Tech Mahindra, UltraTech Cement, Tata Steel, JSW Steel, Sun Pharma, and Power Grid.

Infosys, on the other hand, rose about 3 per cent after posting a 7 per cent increase in consolidated net profit to Rs 6,368 crore for the April-June quarter and upgrading its fiscal year growth forecast, signalling that the IT sector is improving. Other winners were Asian Paints, ITC, Nestle, and Adani Ports, the PTI report added.

According to the report, Asian markets, including Seoul, Tokyo, Shanghai, and Hong Kong, were trading down. The US markets closed down on Thursday.

Global oil benchmark Brent crude lost 0.41 per cent to USD 84.76 a barrel. Foreign Institutional Investors (FIIs) purchased securities worth Rs 5,483.63 crore on Thursday, according to exchange data.

On Thursday, the BSE Sensex surged 626.91 points, or 0.78 per cent, to a new closing high of 81,343.46. The wider Nifty rose 187.85 points, or 0.76 per cent, to an all-time closing high of 24,800.85, the report added.

Meanwhile, early on Friday, the rupee was only moving a little against the US dollar as demand from oil corporations and foreign investors offset the rupee's continued foreign money inflows. A resurgence in crude oil prices, according to forex traders, was detrimental to the currency. Furthermore, depreciating European and Asian currencies could worsen investor mood, stated another PTI report.

According to the report, the local unit fluctuated within a limited range in the interbank foreign currency market. In relation to the US dollar, it reached an early high of 83.62 and a low of 83.65. The rupee fell 5 paise against the US dollar on Thursday, reaching an all-time low of 83.63.