The rupee firmed up by 10 paise to 67.70 against the USA dollar in early trade today on increased selling of the American currency by banks and exporters amid the greenback's weakness against some currencies overseas.
Brokers said sentiment remained weak largely on sustained capital outflows by foreign funds and rising global crude oil prices, which went past the Dollars 80 per barrel mark. The uncertainty around who will form the next government in the southern state has made investors jittery, while macro worries also persist.
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Muted quarterly earnings, mixed cues from global markets and unabated foreign fund outflows added to the volatility, brokers said.
At 12.30 p.m., the wider 50-scrip Nifty of the National Stock Exchange (NSE) was trading at 10,706.45 points - down 34.65 points or 0.32 per cent from the previous close of 10,741.10 points. "Whatsoever be the final outcome, this will give more depth to the market as concern over the performance of BJP in the next general election of 2019 will reduce", Vinod Nair, head of research, Geojit Financial Services Ltd, said.
Oil steady near $71 as sanctions and protests stoke risk
Futures for September delivery on the Shanghai International Energy Exchange fell 1.2 percent to 465.5 yuan a barrel. The Cboe/Nymex Oil Volatility Index dropped 3.3 per cent on Friday to the lowest level since April 6.
The Sensex of the BSE, which opened at 35,537.85 points, was trading at 35,515.81 points (2.28 p.m.), lower by 40.90 points or 0.12 per cent from the previous day's close at 35,556.71 points. However, it slipped on profit-booking and touched a low of 35,087, before finally settling at 35,149, down 238 points, or 0.67 per cent. Capital Goods, Metals, Healthcare, Auto, Oil & Gas & Power were the top losers, down 1.5-3%.
Meanwhile, on a net basis, Domestic Institutional Investors (DIIs) bought shares worth Rs 428.92 crore while Foreign Portfolio Investors (FPIs) sold shares to the tune of Rs 830.94 crore on Thursday, provisional data showed. The Dow Jones Industrial Average, however, ended 0.22 per cent lower in yesterday's trade. The Bank Nifty fell 0.41%.
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