Stock market bounces back; banks, metals shine
Sensex was up 599.34 points, or 0.83 per cent at 73,088.33, while the Nifty was up 151.20 points or 0.69 per cent at 22,147.
To begin a new week, Indian stock market indices continued to decline for a third straight session. The indices suffered from investors continuing to book profits and concern over the US Federal Reserve’s upcoming monetary policy actions.
While the Nifty traded at 18,160.45 points, down 147.20 points or 0.80%, the Sensex traded at 61,172.36 points, down 491.12 points or 0.80%.
Adani Enterprises, SBI Life, Adani Ports, Bajaj Finance, and ITC were the top five losses among the Nifty 50 equities, while Britannia, BPCL, ONGC, Axis Bank, and Hindustan Unilever were the top gainers, according to data from the National Stock Exchange.
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The Indian rupee depreciated too much this morning in accordance with stock indices. It began trading for 81.85 per US dollar as against its Friday closing of 81.69.
As the US dollar index has fallen significantly in some previous sessions, the rupee has generally strengthened against the global benchmark dollar. The most recent US dollar decline is advantageous for other currencies.
However, the rupee did break through the 83 level mark for the first time ever in October.
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