Sensex, Nifty Take A Breather After Record Run: Market Wrap
Sensex declined about 0.28% to close at 61,624. Nifty 50 declined 0.11% to close at 18,329.
India's stock benchmarks closed lower on Monday, dragged by losses in FMCG, power, utilities and capital goods stocks.
The Sensex declined about 0.28% to close at 61,624.15, while the Nifty 50 fell 0.11% to close at 18,329.15.
Today, 26 of the Nifty 50 stocks rose, while 24 declined.
Hindalco Industries Ltd., Apollo Hospitals Enterprise Ltd., Tata Motors Ltd., Grasim Industries Ltd., and Power Grid Corp. of India Ltd. were the top gainers on the Nifty 50.
Dr. Reddy's Laboratories Ltd., Coal India Ltd., ITC Ltd., Hindustan Unilever Ltd. and State Bank of India were the top laggards.
The broader indices outperformed their larger peers with the Midcap gauge gaining 0.05%, while the Smallcap gauge gained 0.25%.
Eleven of the 20 sectoral measures compiled by BSE Ltd. declined, with the BSE FMCG index losing over 1%.
The market breadth is skewed in favour of bears. About 1,720 stocks rose, 1,895 fell and 154 remained unchanged.
Rupee Depreciated Against The U.S. Dollar
The rupee witnessed heavy volatility and depreciated 45 paise to RS. 81.27 against the US dollar in line with a muted trend in domestic equities.
The local currency opened at 80.55, appreciating 0.34%, or 27 paise.
On Friday, the rupee appreciated by 62 paise to close at 80.78 against the dollar.
"The rupee depreciated on recovery in dollar and weak domestic markets. However, Rupee opened higher on upbeat macroeconomic data," said Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas.
India's industrial production expanded by 3.1% in September, boosted by manufacturing, mining and power sectors, according to official data released on Friday.
"Overall weakness in the Dollar amid rising expectations of the not-so-aggressive Federal Reserve may also support the Rupee at lower levels. Sustained FII inflows may also support Rupee. However, higher crude oil prices may cap sharp upside," Choudhary added.
On the domestic macroeconomic front, the wholesale price-based inflation declined to a 19-month low of 8.39% in October, on easing prices of fuel and manufactured items.
The rupee had hit a record low of 83.29 on Oct. 20.
(Inputs from PTI)