Share Market Update: Share Market slows down on Friday after three days of boom

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In the Indian stock market, the market started with sluggishness on Friday. Due to weak signals coming from other overseas markets including Asia, major stock indices Sensex and Nifty declined in early trade on Friday, ending the three-day rally in the markets.

Sensex breaks 100 points

The 30-share BSE Sensex fell 101.03 points to 62,171.65 during the first two hours of trading on Friday. The broader NSE Nifty was down 24.20 points at 18,459.90. Bajaj Finance, Nestle, Asian Paints, Hindustan Unilever, Infosys, Titan, Tata Consultancy Services, Power Grid and ITC were among the major losers on the Sensex. On the other hand, Larsen & Toubro, Axis Bank, IndusInd Bank and NTPC advanced.

Mixed business for Asian markets

In other Asian bourses, Seoul, Tokyo and Hong Kong were trading with losses while those in Shanghai were in the red. US markets were closed on Thursday. In the previous session, the 30-share BSE Sensex had closed at a record high of 62,272.68, up 762.10 points, or 1.24 per cent. The National Stock Exchange’s Nifty also closed at 18,484.10 points with a gain of 216.85 points, or 1.19 percent.

Crude oil became expensive

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International oil benchmark Brent crude was up 0.23 per cent at $85.54 per barrel. According to the provisional data of the stock market, foreign institutional investors (FIIs) bought shares worth Rs 1,231.98 crore on a net basis on Thursday.

Rupee up by 16 paise at 81.54

The rupee appreciated by 16 paise to 81.54 against the US dollar in early trade on Friday due to weakness in the American currency. The rupee opened at 81.69 against the dollar at the interbank forex market, and then recovered strongly to reach 81.54. Thus, the local currency registered a gain of 16 paise over its previous closing price. On Thursday, the rupee had gained 23 paise to close at 81.70 per dollar against the American currency. Forex traders said the US dollar declined from higher levels following the details of the Federal Open Market Committee.

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