06 September,2024 10:36 AM IST | Mumbai | mid-day online correspondent
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Benchmark equity indices declined in early trade on Friday tracking a weak trend in global markets and fresh foreign fund outflows.
Falling for the third day running, the 30-share BSE Sensex declined 233.98 points to 81,967.18 in early trade. The NSE Nifty dropped 60 points to 25,085.10, reported PTI.
Among the 30 Sensex firms, State Bank of India, UltraTech Cement, Reliance Industries, NTPC, ICICI Bank and Titan were the biggest laggards.
Bajaj Finance, Bajaj Finserv, Hindustan Unilever, Asian Paints and IndusInd Bank were among the gainers.
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In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading lower.
The US markets ended mostly in the negative territory on Thursday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 688.69 crore on Thursday after days of remaining buyers, according to exchange data.
Meanwhile, global oil benchmark Brent crude dipped 0.07 per cent to USD 72.64 a barrel.
"The near-term trend in the market will be influenced by the US jobs data to be published tonight," V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said will speaking about the stock market update, reported PTI.
"US Monthly Payrolls data day is here. Another poor report will raise chances for a 50 bps cut on September 18. A strong report will limit expectations to a 25 bps cut. US markets have been seeing outflows in the last two weeks and we expect this trend to continue as investors take a risk off stance going into Sep 18th. Indian markets will take their cues from these global developments. Expect volatility and weak markets. Positions will be kept light given the event risk this evening from the US Payrolls data," said Ajay Bagga, Banking and Market Expert, aid will speaking about the stock market update, reported ANI.
The BSE benchmark on Thursday failed to hold on to initial gains and declined 151.48 points or 0.18 per cent to settle at 82,201.16, reported PTI.
The NSE Nifty dipped 53.60 points or 0.21 per cent to 25,145.10 despite a positive beginning of the trade, reported PTI.
Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said, all eyes are now on the upcoming August US jobs report on Friday.
Rupee rose by 2 paise to 83.95 against the US dollar in early trade on Friday amid a weaker dollar against major currencies overseas.
An upward movement in the international crude oil prices, negative domestic equity markets and outflow of foreign capital capped gains in the local unit, forex traders said.
At the interbank foreign exchange market, the rupee opened 1 paisa higher at 83.96 against the greenback. The domestic unit had settled 4 paise higher at 83.97 on Thursday.
On Wednesday, the rupee had breached the crucial 84-mark for the second time within a month and settled 3 paise lower at 84.01 against the American currency.
(With inputs from PTI and ANI)
