Stock Markets: Sensex, Nifty open on quiet note in opening trade after three days of selling spree

Equity benchmark indices Sensex and Nifty started Friday’s opening trade on a quiet note after three days of the selling spree. The 30-share BSE Sensex climbed 187.71 points to 66,417.95 in early trade. The Nifty advanced 49.8 points to 19,792.15.

But, later both the benchmark indices pared early gains and were trading lower. The Sensex quoted 123.33 points lower at 66,106.91 and the Nifty traded 71.25 points down at 19,671.10. Among the Sensex firms, State Bank of India, Bajaj Finserv, IndusInd Bank, Maruti and Mahindra & Mahindra were the major gainers.

Wipro, Power Grid, Titan and Tata Steel were among the laggards. In Asian markets, Seoul and Tokyo were trading in the negative territory while Shanghai and Hong Kong quoted in the green. The US markets ended in negative territory on Thursday.

Global oil benchmark Brent crude climbed 0.53 per cent to USD 93.79 a barrel. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,007.36 crore on Thursday, according to exchange data.

“India’s inclusion in JP Morgan emerging markets bond index is great news which would give a booster access to global investors to participate in the world’s fastest-growing large economy,” Rakeshh Mehta, Chairman, Mehta Equities Ltd, said.

The BSE benchmark fell 570.60 points or 0.85 per cent to settle at 66,230.24 on Thursday. The Nifty declined 159.05 points or 0.80 per cent to end at 19,742.35.

In a significant development that could pull in foreign funds into India’s debt market JPMorgan Chase & Co will add Indian government bonds to its benchmark emerging-market index starting June 28 in 2024.

The inclusion of the index follows the Indian government’s introduction of the “FAR program in 2020 and substantive market reforms for aiding foreign portfolio investments,” the American multinational investment bank JP Morgan said in a statement.

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