- By Aditya Pratap Singh
- Wed, 13 Nov 2024 11:05 AM (IST)
- Source:JND
Stock Market: Equity benchmark indices fell in early trade on Wednesday amid retail inflation rising to a 14-month high of 6.21 per cent in October and continued outflows of foreign funds. In early hours, the BSE benchmark Sensex fell 239.69 points to 78,435.49 in early trade. The NSE Nifty fell 103.15 points to 23,780.30.
Maruti, Mahindra & Mahindra, Sun Pharma, Tata Steel, Nestle and ITC were the top laggards in the 30-share Sensex pack. HDFC Bank, Bharti Airtel, Titan, and NTPC were among the gainers.
Retail inflation breached the Reserve Bank's upper tolerable level to hit a 14-month high of 6.21 per cent in October, mainly due to rising food prices.
Foreign institutional investors (FIIs) sold shares worth Rs 3,024.31 crore on Tuesday, according to exchange data. Asian markets were trading lower in Seoul, Tokyo, Shanghai and Hong Kong. US markets closed in the negative zone on Tuesday. Global oil benchmark Brent crude rose 0.35 per cent to $72.14 a barrel. The BSE benchmark on Tuesday closed 820.97 points, or 1.03 per cent, lower at 78,675.18. The Nifty closed 257.85 points, or 1.07 per cent, lower at 23,883.45.
Rupee hits all-time low
The Indian rupee fell to an all-time low of 84.40 against the U.S. dollar on Wednesday morning. Dealers said the rupee has been volatile in recent sessions as it approaches the all-time low of 84.40.
The downward pressure on the rupee is mainly due to global factors, particularly the strengthening of the dollar index. In the interbank foreign exchange market, the rupee opened at 84.40 against the dollar and fell by 1 paisa from its previous close. The rupee fell 1 paisa to a new low of 84.39 against the dollar on Tuesday.