Stocks held out hope today as the flagship Sensex made a tepid recovery ahead of the release of key macroeconomic data and start of March quarter earnings season due later this week amid a weak trend in Asia. The 30-share index, which had lost 398.50 points in the previous three sessions, recovered 55.50 points, or 0.18 percent, at 29,631.24.
Sectoral indices such as IT, oil and gas, capital goods and technology were in the lead, giving the sentiment a lift. The NSE index Nifty was also trading higher by 7.95 points, or 0.09 percent, at 9,189.40. Optimistic buying in blue-chip stocks ahead of industrial production (IIP) data for February and retail inflation for March tomorrow kept stocks on course. In the Asian region, Hong Kong’s Hang Seng was down 0.76 percent and Japan’s Nikkei fell 0.48 percent while Shanghai Composite shed 0.36 per cent in early trade today.
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In the Asian region, Hong Kong’s Hang Seng was down 0.76 percent and Japan’s Nikkei fell 0.48 percent while Shanghai Composite shed 0.36 per cent in early trade today. The Dow Jones Industrial Average, however, ended 0.01 percent higher yesterday.
The cup of woes for the rupee seems to be brimming over as it weakened 13 paise more to 64.69 against the dollar in early session today as US rate hike fears come back to haunt participants. Fed officials’ highly hawkish comments mainly soured forex market sentiment.
Dealers said dollar flexing muscles overseas and its increased demand from importers put the squeeze on the rupee. They said, however, a higher opening in the domestic stock market limited the rupee losses.
Yesterday, the rupee had retreated after a three-session winning run and lost 28 paise to end at 64.56 against the dollar with simmering geopolitical tensions taking the centre-stage at the global level.
Some caution ahead of key macro numbers — industrial production (IIP) for February and consumer inflation for March to be released on Wednesday — also added to the pressure.