Stock markets update: Equity benchmark indices declined in early trade on Monday amid weak trends in Asian markets and unabated foreign fund outflows. In the early trade, the 30-share BSE Sensex fell 156.72 points to 77,423.59. Meanwhile, the Nifty also declined 64.25 points to 23,468.45.
Last week, domestic equity markets witnessed a sharp decline of over 2.5 per cent, breaking a brief phase of stability as selling pressure resurfaced. The fall has raised concerns among investors, with market sentiment remaining cautious ahead of a holiday-shortened trading week. With most of the corporate earnings season behind, analysts suggest that foreign institutional investor (FII) activity will be a key driver for market movements in the coming days.
Rupee against dollar
Meanwhile, the rupee recovered from its lowest level and appreciated by 8 paise to 84.38 against the US dollar in early trade on Monday despite a stronger American currency and sustained outflow of foreign funds. Lower level of crude oil prices in the international market supported the recovery of local unit, forex traders said, as per news agency PTI. At the interbank foreign exchange, the rupee opened at 84.42 and strengthened further to 84.38 against the greenback, trading 8 paise higher from its previous close.
