Business News | Indices on Indian Markets Snap 6-day Losing Streak in Early Trade
Get latest articles and stories on Business at LatestLY. The benchmark indices on stock equity markets snapped the six-day losing streak and opened higher during early trade on Thursday. Key indices Nifty50 rose 150 points to breach 17,000 level and the S&P BSE Sensex was up 399 points to trade at 57, 149.
Mumbai [India], September 29 (ANI): The benchmark indices on stock equity markets snapped the six-day losing streak and opened higher during early trade on Thursday. Key indices Nifty50 rose 150 points to breach 17,000 level and the S&P BSE Sensex was up 399 points to trade at 57, 149.
Some of the gainers in the early trade are Tata Chemicals, Century Enka, Forbes, Aptech and Sreeleathers. Some of the losers are Asian Paints, Welspun India, Jaiprakash Associates and ITI.
Also Read | Maha Panchami 2022 Greetings: Send Shubho Panchami Wishes & Maa Durga Images to Loved Ones.
Broader markets outperformed benchmark indices as Nifty MidCap 100 and Nifty SmallCap 100 indices surged over 1 per cent each. Nifty Bank rose 1.07 per cent to 38,162.
Market participants are looking forward to the outcome of the Reserve Bank of India's (RBI) monetary policy committee (MPC) meeting on Friday for further cues. The MPC started deliberations on the keenly awaited monetary policy amidst expectations of a 50 basis points hike in interest rate to check inflation and improve foreign capital inflow to arrest rupee depreciation against the US dollar.
Also Read | Google Pixel 7 Listed on Amazon With Pricing: Report.
The RBI is expected to hike its policy rate by 50 basis points for the third time in a row as the rupee's plunge to a record low complicates the battle against inflation.
Indian rupee strengthened against dollar in the morning trade as expected. The Bank of England's decision to buy long-dated British bonds prompted a pullback in Treasury yields and the dollar index. The local currency closed at 81.94 versus dollar on Wednesday.
Sugandha Sachdeva, vice-president for commodity and currency research, Religare Broking, said most of the Asian currencies, including the local unit, are reeling under pressure amid the monetary tightening campaign in the West and concerns about a global economic slowdown. Limited intervention by the RBI amid declining forex reserves is also leading to the current bout of selling spree witnessed in the Indian rupee. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)