“Stock Markets Experience Rebound as Sensex and Nifty Surge on Index Majors’ Buying, While Rupee Declines Against the Dollar.”

Equity benchmark indices, Sensex and Nifty, staged a notable recovery on Thursday, propelled by substantial buying activity in major index players HDFC Bank and Reliance Industries. The 30-share BSE Sensex exhibited a rebound, surging by 358.79 points or 0.51%, concluding the session at 70,865.10. Despite an initial dip, where it dropped by 585.92 points or 0.83% to 69,920.39, the market regained momentum in the afternoon, experiencing a climb of 452.4 points or 0.64% to reach 70,958.71.

Similarly, the Nifty saw a commendable upswing, advancing by 104.90 points or 0.50% to settle at 21,255.05. Throughout the day, the index reached a high of 21,288.35 and a low of 20,976.80. Notably, both key indices had achieved record highs during intra-day trading on the preceding Wednesday before witnessing a sharp decline of over 1% during the closing hours. The market’s volatility continues to be influenced by various factors, and investors are closely monitoring developments to gauge the trajectory of the financial landscape.

In a development on Thursday, the Indian rupee experienced a decline of 9 paise, settling at 83.27 against the US dollar. The dip in the rupee’s value was attributed to the withdrawal of foreign funds, fueled by concerns over potential disruptions to global trade through the Red Sea route, which negatively impacted investor confidence.

Despite positive indicators in the domestic equity markets and the US dollar’s weakness against major global currencies, forex analysts pointed to the influence of volatile crude oil prices as a key factor weighing down the Indian currency.

In the interbank foreign exchange market, the rupee commenced trading at 83.19, fluctuating between the day’s high of 83.18 and the low of 83.28 against the dollar in intra-day deals. Ultimately, it settled at 83.27 (provisional) against the greenback, marking a decline of 9 paise from its previous close. The situation underscores the sensitivity of the Indian currency to global economic factors and highlights the importance of monitoring international developments for potential impacts on financial markets.

Author: Bharattimes@1