Stock market update: Markets decline in early trade after three days of record rally

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Benchmark equity indices declined in early trade on Tuesday after three days of record rally amid emergence of profit-taking.

The 30-share BSE Sensex declined 212.54 points to 84,716.07 in early trade. The NSE Nifty dropped 52.2 points to 25,886.85.

From the 30 Sensex firms, Infosys, Bajaj Finance, Kotak Mahindra Bank, HCL Technologies, IndusInd Bank and UltraTech Cement were the biggest laggards.

Tata Steel, JSW Steel, Nestle and Tata Motors were among the gainers.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading in the positive territory.

The US markets ended higher on Monday.

Foreign Institutional Investors (FIIs) bought equities worth Rs 404.42 crore on Monday, according to exchange data.

Global oil benchmark Brent crude climbed 0.89 per cent to USD 74.56 a barrel.

Rallying for the third day running on Monday, the BSE benchmark jumped 384.30 points or 0.45 per cent to settle at an all-time high of 84,928.61. During the day, it soared 436.22 points or 0.51 per cent to hit a fresh lifetime intra-day peak of 84,980.53.

The NSE Nifty climbed 148.10 points or 0.57 per cent to close at a record peak of 25,939.05. During the day, it zoomed 165.05 points or 0.63 per cent to reach a new intra-day all-time high of 25,956.

Rupee sees range-bound trade in morning session

The Indian rupee witnessed range-bound trade in the morning session on Tuesday and depreciated 3 paise to 83.57 against the US dollar, amid a muted trend in domestic equities and rising crude oil prices.

Forex traders said the rupee continues to hold steady within a well-defined range on active intervention by the Reserve Bank of India (RBI).

At the interbank foreign exchange market, the local unit moved in a narrow range. It opened at 83.54 against the American currency, then fell to 83.57, registering a fall of 3 paise over its previous close.

On Monday, the rupee pared its early gains to close lower by 2 paise at 83.54 against the US currency.

(With inputs from Agencies)