Stock markets update: Equity benchmark indices declined in early trade on Wednesday amid weak trends in Asian markets and unabated foreign fund outflows. In the early trade, the 30-share BSE Sensex fell 416.1 points to 74,754.35. Meanwhile, the Nifty declined 125.9 points to 22,762.25.
Major gainers and laggards
From the Sensex firms, Mahindra & Mahindra, IndusInd Bank, HDFC Bank, Tech Mahindra, Axis Bank and ICICI Bank were the biggest laggards. Bharti Airtel, Tata Steel, Power Grid and State Bank of India were among the gainers. In Asian markets, Seoul, Tokyo and Hong Kong were quoting lower while Shanghai traded with gains. US markets ended on a mixed note on Tuesday.
Global oil benchmark Brent crude climbed 0.21 per cent to USD 84.40 a barrel. Foreign Institutional Investors (FIIs) bought equities worth Rs 65.57 crore on Tuesday, according to exchange data.
Rupee against dollar
Meanwhile, the rupee depreciated 9 paise to 83.27 against the US dollar on Wednesday, tracking a negative trend in domestic equities and elevated crude oil prices. Forex traders said the local unit faced some resistance due to subdued sentiment in the domestic equity market and strengthening of the American currency in the overseas market.
At the interbank foreign exchange market, the local unit opened at 83.22 and lost further ground to trade at 83.27 against the greenback, registering a loss of 9 paise from its previous closing level. On Tuesday, the rupee pared initial gains to settle 5 paise lower at 83.18 against the US dollar.
(With inputs from PTI)
