After rising in the previous session, domestic stock markets closed with losses on Thursday. At the end of trading, BSE Sensex closed at 77,988.68, 122.56 points lower than the previous session’s closing price. Similarly, NSE Nifty fell 34.55 points to 24,196.75. HDFC Bank, ONGC, HDFC Life, Titan Company and Apollo Hospitals were among the biggest losing stocks in Nifty. On the contrary, stocks that registered gains included Hindalco Industries, Trent, Adani Enterprises, Adani Ports and Eternal.
Nifty’s outlook for the near future
Market experts estimate that in the near future, the range of 24,320–24,350 may act as a main resistance zone for the index. If the index holds strong above 24,350, the short-term pullback rally may extend further to 24,500, after which it may possibly move towards 24,650 levels. On the other hand, the range of 24,080–24,050 is expected to act as an immediate support zone for the index.
Rupee closed 10 paise stronger
On Thursday, the Indian rupee strengthened by 10 paise to close at 93.23 (provisional) against the US dollar. The rupee received support from a fall in global crude oil prices on hopes of a possible ceasefire in the Middle East. However, according to forex traders, rising dollar demand from importers and persistent foreign capital outflows limited the rupee’s gains. He also pointed out that the domestic currency remained strong even when crude oil prices remained around $95 per barrel.
At the interbank foreign exchange market, the rupee opened at 93.29. During trading, it touched a high of 93.16, while it also fell to a low of 93.35 during the day. Finally, at the end of the session, the rupee closed at 93.23 (provisional), registering a gain of 10 paise over its previous closing level. Earlier, on Wednesday, the rupee had closed at 93.33 per dollar, registering a gain of 2 paise.