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    Sensex recovers 814 pts from day's low as market rebounds — rupee sinks below 79 vs dollar

    Sensex recovers 814 pts from day's low as market rebounds — rupee sinks below 79 vs dollar

    Sensex recovers 814 pts from day's low as market rebounds — rupee sinks below 79 vs dollar
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    By Sandeep Singh   IST (Published)


    The Sensex and the Nifty50 failed to make it to the green, even though they recovered much of their intraday losses. Strength in financial, IT and FMCG stocks was offset by weakness in oil & gas shares.

    Indian equity benchmarks continued to lurk in the red for a third straight day on Friday, as losses in oil & gas shares outweighed gains in financial, IT and FMCG stocks. Globally, the prospect of steep hikes in COVID-era interest rates and their impact on economy continued kept investors nervous.
    Both headline indices recovered most of the day's losses after falling as much as 1.7 percent during the session. The 30-scrip Sensex index plunged 924.7 points to hit 52,094.3 at the weakest level of the day and the broader Nifty50 slid to as low as 15,511.1, down 269.2 points from its previous close.
    As many as 39 stocks in the Nifty50 basket rose for the day. ITC, the Bajaj twins, Cipla, Bharat Petroleum, Britannia, HDFC Life and Asian Paints — rising around 3-4 percent — were among the top gainers among blue-chip stocks.
    On the other hand, ONGC, Reliance Industries, PowerGrid, Bajaj Auto, Bharti Airtel and Coal India were among the top laggards.
    "Unfavourable cues from the domestic market led to a weak start due to weakness in the rupee and selling in oil refineries as the government imposed an additional export duty on petrol and diesel... India’s factory output growth slowed down in June as high inflation continued to dampen demand," said Vinod Nair, Head of Research at Geojit Financial Services.
    Reliance and ONGC shares suffered their worst fall in more than 19 months after the government levied a tax on oil & gas companies' windfall gains from a surge in crude oil rates.
    FMCG shares were in high demand amid easing commodity prices. ITC, Hindustan Unilever and Nestle ended 2-4 percent higher.
    Muthoot Finance and Manappuram shares jumped after a hike in the import duty on gold sent the price of the yellow metal scaling a two-month peak.
    Overall market breadth was slightly in favour of the bulls, as 1,147 stocks rose and 929 fell on BSE.
    The rupee closed below the 79 level against the US dollar for the first time ever.
    Global markets
    European markets began the day in the red amid weakness in semiconductor stocks following a tepid outlook from US-based Micron Tech. The pan-European Stoxx 600 index fell as much as 1.1 percent in early hours. Investors awaited data on inflation in the eurozone for more clarity on the pace of rate hikes.
    S&P 500 futures were down 0.2 percent, suggesting a sluggish start ahead on Wall Street.
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