- By Aditya Pratap Singh
- Tue, 06 Aug 2024 04:19 PM (IST)
- Source:JND
Stock Market: The stock market on Tuesday gave up early gains and fell lower in volatile trading, with the Sensex ending 166 points lower and the Nifty below 24,000 points on selling in banking and telecom stocks at the end of the session.
The 30-share BSE Sensex fell 166.33 points, or 0.21 percent, to settle at 78,593.07, marking its third consecutive decline, as 17 of its constituents fell and 13 rose. The index had earlier risen 1,092.68 points, or 1.38 percent, to a high of 79,852.08 on investor buying. However, the barometer later slipped to a low of 78,496.57 as banking shares came under selling pressure.
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Similarly, the NSE Nifty fell 63.05 points, or 0.26 percent, to settle at 23,992.55, below the 24,000 level. The index had risen 327 points, or 1.35 percent, to 24,382.60 in intra-day trade, but failed to hold on to the gains.
State Bank of India, Mahindra & Mahindra, Bharti Airtel, Titan, HDFC Bank, IndusInd Bank, Axis Bank, and Bajaj Finance were the top losers in the Sensex pack. The gainers in the pack included JSW Steel, Tech Mahindra, Larson & Toubro, Hindustan Unilever, HCL Technologies, and Reliance Industries.
The RBI's Monetary Policy Committee began its three-day meeting on Tuesday. The bi-monthly policy will be announced on Thursday.
Rupee recovers
The rupee on Tuesday recovered from its all-time low to close at 83.93 (provisional) against the US dollar, up 16 paise, on the back of suspected intervention by the Reserve Bank of India (RBI).
Foreign exchange traders said that fears of a recession in the United States and rising concerns over geopolitical tensions in the Middle East have dampened investor sentiment. Further, the sentimental impact of the unwinding of the yen carry trade weighed on risk-sensitive currencies such as the rupee. However, the suspected intervention by the RBI helped the local unit.
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(With PTI's Input)