After a 4-day rise, markets are down in early trade. -
After a 4-day rise, markets are down in early trade.
Posted 28 Apr 2023 01:51 PM



Following a four-day market rally, investors chose to stay put as equity benchmark indices declined in Friday's opening trade, which was extremely volatile. The 30-share BSE Sensex dropped 73.79 points to 60,575.59 after the dip. The NSE Nifty index as a whole fell 17.85 points to 17,897.20. From the Sensex firms, Bajaj Finserv, Asian Paints, Hindustan Unilever, Axis Bank, IndusInd Bank, Power Grid, Bajaj Finance and Kotak Mahindra Bank were the major laggards.
Wipro, Tech Mahindra, Tata Consultancy Services, Sun Pharma and Reliance Industries were among the gainers. In Asian markets, Seoul traded lower, while Japan, Shanghai and Hong Kong quoted in the green. The US markets had ended with significant gains on Thursday.“Markets may see a volatile opening as SGX Nifty has been witnessing sharp gyration even as key US indices bounced back sharply from the recent slump to end sharply higher in overnight trades. Going by the recent uptrend, there are chances that the Nifty could recapture the psychological 18,000-mark. FII buying of local shares has also continued and they bought shares to the tune of Rs 1,653 crore in yesterday’s trades, while sluggish crude oil below $80 a barrel bodes well for India’s economy,” Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd said in his pre-market opening quote. He further said with the global macroeconomic scenario still looking extremely bleak and local markets having run sharply in recent sessions, profit-taking could be on the cards going ahead.
The BSE benchmark climbed 348.80 points or 0.58 per cent to settle at 60,649.38 on Thursday. The Nifty advanced 101.45 points or 0.57 per cent to end at 17,915.05. Brent crude, the benchmark for all crude oil, increased 0.41% to USD 78.69 a barrel. According to exchange statistics, foreign institutional investors (FIIs) purchased shares of stock on Thursday totaling Rs 1,652.95 crore.

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