Stock Market Weak start today. After opening by breaking more than 100 points, the BSE Sensex is now trading a little cautiously. In early trade, the Sensex fell 85.02 points to trade at 61,895.70. At the same time, NSE Nifty is also trading at 18,376.00 points with a decline of 33.65 points. Today, huge selling is being seen in the shares of Paytm. In fact, the impact of the announcement of SoftBank withdrawing its investment from Paytm has been seen on the company’s stock today. Paytm shares are trading at Rs 543.45, down Rs 58 (9.64%) in early trade. Shares of Paytm are currently trading at least 80 per cent below their IPO price. Significantly, the IPO price of Paytm was Rs 2,150.
Shares of these companies declined
Titan, Tech Mahindra, HCL Technologies, Tata Steel, Kotak Mahindra Bank, Mahindra & Mahindra and Maruti were among the major losers on the Sensex. On the other hand, Larsen & Toubro, Axis Bank, ICICI Bank, Power Grid and Hindustan Unilever gained momentum. Among other Asian bourses, Seoul, Tokyo, Shanghai and Hong Kong were trading with losses. US markets also closed down on Wednesday. In the previous session, the 30-share Sensex closed at 61,980.72, up 107.73 points, or 0.17 percent, while the National Stock Exchange’s Nifty ended marginally higher by 6.25 points, or 0.03 percent, at 18,409.65. Meanwhile, international oil index Brent crude was down one per cent at $91.90 per barrel. According to provisional data of the stock market, foreign institutional investors (FIIs) sold shares worth a net Rs 386.06 crore on Wednesday.
Rupee lost 37 paise against dollar
The rupee depreciated 37 paise to 81.63 against the US dollar in early trade on Thursday amid strength in the American currency overseas and sluggishness in the domestic equity market. At the Interbank forex market, the rupee opened at 81.62 against the dollar and then declined further to trade at 81.63, showing a loss of 37 paise over its previous closing price. The rupee had declined 35 paise to close at 81.26 against the US dollar on Wednesday. Meanwhile, the dollar index, which gauges the US dollar’s position against a basket of six major currencies, rose 0.26 per cent to 106.55. International oil benchmark Brent crude futures declined 1.03 per cent to USD 91.90 per barrel.
Slowdown in global markets as well
Talking about the global market, the American Dow Jones closed down by 0.12 per cent, S&P 500 by 0.83 per cent, Nasdaq by 1.54 per cent and RUSSELL by 1.91 per cent. At the same time, pressure is also visible on the Asian markets. Japan’s Nikkei is down 0.15 percent and Korea’s KOSPI is down 0.50 percent. SGX Nifty was also down in the morning. The government has revised the windfall tax. Duty on diesel exports has been reduced and tax on crude oil production has been increased. Due to this, stocks like ONGC, Reliance, MRPL, Chennai Petroleum can see ups and downs today.
Sensex reached record high
On Thursday, the BSE Sensex climbed nearly 108 points to close at its all-time high. The market gained momentum due to buying in bank shares. The 30-share Sensex closed at 61,980.72 points, up 107.73 points, or 0.17 percent. At the same time, the National Stock Exchange’s Nifty closed at 18,409.65 points with a slight gain of 6.25 points, or 0.03 percent.