Business

Following Record-Breaking Rally, Markets Drop In Early Trading

Equity benchmark indices fell in early trade on Friday, following a record-breaking rally the day before, as investors took profits amid weak Asian markets trend.

The hotter-than-expected US inflation data also weighed on investors’ sentiment, as it lowered expectations for the Federal Reserve rate reduction.

The 30-share BSE Sensex dipped 324.12 points to 74,714.03. The NSE Nifty dropped 96.6 points to 22,657.20.

Sun Pharmaceutical, Godrej Consumer, Titan, Varun Beverages, Shriram Finance, JSW Steel, Maruti Suzuki, HDFC Bank, Asian Paints, and ITC were the top laggards.

Among the gainers were IRCTC, Tata Power, Samvardhana Motherson, ICICI Prudential, and Trent.

In Asian markets, Tokyo, and Shanghai were trading higher, while South Korea and Hong Kong were trading lower.

Wall Street finished mainly up on Thursday.

Brent crude gained 0.58 percent to USD 90.26 a barrel.

According to exchange data, Foreign Institutional Investors (FIIs) bought securities worth Rs 2,778.17 crore on Wednesday.

On Wednesday, equity benchmark indices had a record-breaking rally, the Sensex soared 354.45 points or 0.47 percent to 75,038.15, while the Nifty moved 111.05 points or 0.49 percent to 22,753.80.

Stock markets were closed on Thursday in observance of Eid-Ul-Fitr.

Also read: Vietnamese Tycoon Sentenced To Death In Multi-Billion Dollar Fraud

Spriha Rai

Recent Posts

Supreme Court Upholds Uttar Pradesh Madrasa Education Act; Sets Limits On Higher Education Regulation

The SC upheld the UP Board of Madrasa Education Act, 2004, reversing the Allahabad High…

4 mins ago

How US Presidential Election Is Conducted – Explained

The US presidential election is a complex, multi-step process that involves both voters and an…

30 mins ago

Mumbai Police Uncover Connections & Weapons In Baba Siddiqui Murder Investigation

The Mumbai Police disclosed that the firearms used to assassinate late NCP leader Baba Siddiqui…

1 hour ago

Mumbai Police Investigate New Death Threat Against Salman Khan Linked To Gangster Lawrence Bishnoi

Mumbai Police is investigating a threatening message directed at actor Salman Khan, allegedly originating from…

2 hours ago

Uttar Pradesh Government To Tighten Control Over DGP Appointment Before By-Elections

Ahead of the by-elections, CM Yogi Adityanath's government in Uttar Pradesh will take greater control…

2 hours ago

Somy Ali Opens Up About Her Past With Salman Khan, Says “Being Known As His Ex Is A Curse”

Somy Ali, the former Bollywood actress and dedicated social worker, has shared her feelings about…

2 hours ago