Stock markets update: Equity benchmark indices climbed over 300 points in early trade on Tuesday but soon turned volatile as investors retreated to the sidelines amid unabated foreign fund outflows and escalating tensions in the Middle East. Besides, investor sentiments were cautious ahead of the US Federal Reserve's interest rate decision, traders said.
The 30-share BSE Sensex climbed 339.67 points to 64,452.32 in early trade. The Nifty advanced 92.8 points to 19,233.70. Later, both the benchmark indices quoted flat in a volatile trade. The 30-share BSE benchmark traded 44.50 points down at 64,068.15, and the Nifty quoted 7.85 points lower at 19,133.05.
Among the Sensex firms, Tata Motors, Bajaj Finserv, Asian Paints, Bajaj Finance, State Bank of India, Power Grid, ITC and HDFC Bank were the major gainers. Bharti Airtel, UltraTech Cement, Infosys, Mahindra & Mahindra, JSW Steel and Maruti were among the laggards.
Asian and US markets
In Asian markets, Tokyo quoted in the green, while Seoul, Shanghai and Hong Kong traded lower. The US markets ended significantly higher on Monday. Global oil benchmark Brent crude climbed 0.41 per cent to USD 87.81 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,761.86 crore on Monday, according to exchange data. The BSE benchmark jumped 329.85 points or 0.52 per cent to settle at 64,112.65 on Monday. The Nifty advanced 93.65 points or 0.49 per cent to 19,140.90.
Rupee almost flat against US dollar
Meanwhile, the rupee inched up 1 paisa against the US dollar in early trade on Tuesday, as the support from positive domestic equities was negated by elevated crude oil prices and a strong American currency overseas. Forex traders said the dollar strengthened on safe-haven demand.
However, a positive trend in domestic equities supported the rupee at lower levels.
At the interbank foreign exchange, the rupee was trading in a narrow range. The local unit opened at 83.26 against the dollar. It rose slightly to 83.25 against the greenback in initial trade, up 1 paisa from its previous close.
(With PTI inputs)
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