The Indian Rupee hit a fresh record low against the US dollar, with the exchange rate reaching 83.5825. This news comes amidst a volatile day in the stock market, with various updates impacting investor sentiment.
In the stock market, Blue Dart has announced the commencement of drone deliveries in collaboration with Skye Air, while RailTel Corporation of India has received a significant work order worth Rs 20 crore from South Central Railway for telecommunication works. Additionally, RIL and banking stocks have driven the Sensex 200 points higher.
On the global front, European shares opened higher on a tech boost ahead of central bank decisions. The pan-European STOXX 600 rose by 0.3%, with technology stocks and construction sectors seeing gains.
In Tokyo, the Nikkei index rebounded on profit-taking after initially declining, closing higher on Thursday. The broader Topix index also saw a slight decrease.
Indian government bond yields remained stable as investors awaited new signals from US yields and the minutes of the recent policy meeting of the domestic central bank.
In the pre-market session, Sensex rose 200 points, with Nifty above 23,500. Various stocks were in the news, including Indian Oil, Wanbury, Brigade Enterprises, Mas Financial, Best Agrolife, and Vedanta.
Overall, the market is experiencing sectoral churn, with money flowing into large caps in banking while profit booking is happening in sectors like capital goods, telecom, metals, and FMCG. The market is expected to remain resilient, but high valuations could trigger profit booking and selling at any time. Large-cap banks continue to be safe bets, and there is a contra value buying opportunity in IT stocks.
Stay tuned for more updates on the stock market and global financial news.
