The stock market opened with a sharp fall on Friday. At 9:15 am, BSE Sensex was trading 537.43 points lower at 79,478.47. At the same time, NSE Nifty was also trading at 24,612.05, falling by 153.85 points. Bharat Electronics, Infosys, HCL Tech, TCS and Wipro were among the big gainers on Nifty during the opening session. Strong buying was seen in these IT and defense related stocks. On the other hand, InterGlobe Aviation, ICICI Bank, Tata Steel, UltraTech Cement and L&T were among the big losers.
Rupee fell 5 paise against dollar
Amid growing tension in the international market and rising crude oil prices, the Indian Rupee opened slightly weaker against the US Dollar on Friday, March 6. In the foreign exchange market, the rupee opened 5 paise lower at 91.65 per dollar, which is 5 paise less than its previous close of 91.60 per dollar. Earlier, the rupee had recovered slightly from its record low on March 5. According to market analysts, at that time the rupee had got some support due to the possible intervention of the Reserve Bank of India (RBI).
However, experts believe that this strengthening of the rupee is still uncertain. High prices of crude oil in the international market are a major reason for this. Global benchmark Brent crude is trading at around $84.46 per barrel.
Markets outside India also faltered
Stocks fell on Wall Street on Thursday after oil prices rose to their highest level since summer 2024 due to a war with Iran. The S&P 500 fell 0.6%, erasing some of its gains so far this year. The Dow Jones Industrial Average briefly fell more than 1,100 points before closing down 784, or 1.6 percent. The Nasdaq Composite slipped 0.3 percent.
The decline came as financial markets around the world continued to be guided by oil prices. These rapid increases are raising concerns that a prolonged recession could weaken the global economy, reduce households’ spending power, and send interest rates rising.
