This was because of uncertainty created after the uptick in dollar index, increase in policy rate by the US Fed and Bank of England, and escalation in geopolitical tensions between Russia and Ukraine.
Moreover, the negative trends in domestic equities also weighed on sentiments.
At the interbank foreign exchange market, the rupee opened at 81.08 against the greenback, then fell further to 81.23, registering a fall of 44 paise over its previous closing.
On Thursday, rupee depreciated 88 paise to close at all-time low of 80.86 against the US dollar.
The Bank of England hiked its base rate by 50 basis points to 2.25 per cent.
The dollar index, which gauges the greenback's strength against a basket of six currencies, advanced 0.28 per cent to 111.412.
A report from ICICI Securities said the Dollar Index may continue with its positive bias as the US Fed decided to raise interest rate by 75 bps, for a third consecutive month and signalled that it would continue to lift rates this year at a most rapid pace to combat inflation, which is running hot.
Additionally, the US Federal Reserve announced it would continue with its plan to shrink its $9 trillion asset portfolio, which plays an important role in firming stance of monetary policy. Additionally, in this year two policy meets are pending, we may see a 75 bps rate hike in November meet and 50 bps in December meeting. Additionally, other major central banks across the globe are likely to lag behind in tightening monetary policy, high inflation and dwindling economic growth.
As long as the Dollar Index sustains above 107.50 level it may continue to rally till 113/114 levels.
At the interbank forex market, the local unit opened at 79.72 against the greenback.
It witnessed an intra-day high of 79.65 and a low of 79.83 during the session.
It finally ended at 79.72, up 23 paise from its previous close of 79.72.
The dollar index, which measures the greenback's strength against a basket of six currencies, fell 0.11 per cent to 109.72.
Brent crude futures, the global oil benchmark, fell 0.60 per cent to USD 87.47 per barrel.
On the domestic equity market front, the BSE Sensex ended 659.31 points or 1.12 per cent higher at 59,688.22, while the broader NSE Nifty gained 174.35 points or 0.99 per cent to 17,798.75.
Foreign institutional investors (FIIs) remained net buyers in the capital markets as they purchased shares worth Rs 758.37 crore on Wednesday, according to provisional data.
At 11 a.m., the rupee was trading at 80.04, as compared to 79.86 close on the previous trading session against the US dollar.
The rupee weakened to a low of 80.14 per US dollar in the first few minutes of trade on Monday as the US dollar index strengthened well past the 109 mark.
The previous lifetime low for the rupee was 80.06 per dollar on July 19.
"The Federal Reserve's Jerome Powell's hawkish speech has sent a bid on the US dollar and sending global equities lower and bond yields up. Restoring price stability will likely require maintaining a restrictive policy stance for sometime. Going ahead, it is clear both from Powell and Fed speakers that further trajectory will be data dependent," said Kunal Sodhani, Vice President, Global Trading Center, Shinhan Bank.
On Friday, Federal Reserve Chair Jerome Powell signaled the US central bank is likely to keep hiking interest rates and keep them elevated to tame inflation.
"Restoring price stability will likely require maintaining a restrictive policy stance for some time," Powell said "The historical record cautions strongly against prematurely loosening policy."
In a note, CR Forex said: "After the hawkish speech, the probability of Fed's 75 bps hike in September further jumped upto 70 per cent. The market rout led by Powell's speech slashed the fortunes of US billionaires' by $78 billion on Friday. In FX pack, US DXY tested 20-year high, euro and pound fell near their record lows. Asian currencies are trading with a loss of 0.30 per cent- 0.50 per cent. The yuan tested a 2-year low and thus the rupee is about to open at a record low of 80.10. The likely range for the day would be 79.70 to 80.30."
Dollar index, which gauges the the strength of greenback against the basket of six major currencies were at 109.370.
Sodhani added that considering sustainance of high bond yields, DXY can test 109.77 levels, with EURUSD may test 0.9860 levels and GBPUSD moving towards 1.1680 levels.
Brent Crude prices also seems be a bit sticky, unable to sustain at lower levels. Considering the above factors, USDINR may find strong support at 79.50 while a break of 80.06 levels, will impact options sellers hitting their stops and let USDINR pair move towards 80.60 levels.
At the interbank foreign exchange market, the Indian currency ended at 79.02, as against 79.25 closed on the previous trading session. The rupee has touched a high of 79.00 and low of 79.22 before ending at 79.02.
"USDINR spot closed 23 paise lower at 79.02, thanks to FPI flows turning positive and some carry trade interest. Improvement in forward premium has brought exporters into the market. At the same time, softness in USD overseas, improved growth outlook in India, and uptick in forward premium has attracted carry traders into the market, who go long rupee and short USD," said Anindya Banerjee, VP, Currency Derivatives & Interest Rate Derivatives at Kotak Securities Ltd.
The dollar index, which measures the dollar's strength against the basket of 6 currencies, was down 0.52 per cent at 105.34.
Inflows of foreign investors in domestic equities also remained major factor in the rise local currency. Foreign investors turned buyers in July nearly after 10 months, with an investment of around Rs 4,980 crore in the Indian equity markets. This comes heavy sell-off by these entities of around Rs 50,203 crore.
According to the NSDL data, investment of foreign investors in July month stood at Rs 4,989 crore, as compared to over Rs 50,000 crore outflows in June, Rs 39,993 crore in May, and Rs 17,144 crore in April.
"Despite of the no major change in fundamental factors for rupee, there is change in the global sentiments for the demand of US dollar. Post the Federal Reserve policy meeting, we have seen dollar bulls cooled down after the Fed highlighted that it could move a bit slow in hiking interest rates going forward. This is leading to the short term relief in to the major and emerging market currencies to recover their previous losses against USD," said Amit Pabari, Managing Director, CR Forex.
Although, the trend in the USD is yet to be determined with the data releases and the risk sentiments improving and the outlook for other currencies such as euro and pound, markets needs a lot more convincing statement to keep demand for US dollar compressed for a longer period of time, he added.
"Over the near term, bias remains downward. We expect a broad range of 78.70 and 79.40 on spot," Banerjee said.
Crude oil prices trading near USD 100 per barrel level, however, supported the local unit, forex dealers said.
At the interbank forex market, the local unit opened strong at 79.55 against the greenback but could not hold on to gains and slipped in the negative territory. It witnessed an intra-day high of 79.53 and a low of 79.68.
It finally settled at 79.62 (provisional), down paise over its previous close of 79.59.
The dollar index, which measures the greenback's strength against a basket of six currencies, advanced 0.09 per cent to 108.17.
On the domestic equity market front, the BSE Sensex ended 372.46 points or 0.69 per cent lower at 53,514.15, while the broader NSE Nifty fell 91.65 points or 0.57 per cent to 15,966.65.
Meanwhile, Brent crude futures, the global oil benchmark, rose 1.21 per cent to USD 100.69 per barrel.
Foreign institutional investors remained net sellers in the capital market on Tuesday, offloading shares worth Rs 1,565.68 crore, as per exchange data.
Retail inflation dropped marginally to 7.01 per cent in June mainly due to a slight easing in prices of vegetables and pulses, though it remained above the Reserve Bank's comfort level for the sixth month in a row.
The consumer price index (CPI) based inflation stood at 7.04 per cent in the preceding month of May and 6.26 per cent in June 2021.
The rupee closed Monday's trade at Rs 78.04 per US dollar, after depreciation as low as Rs 78.29 in intra-day deal.
"There is no fresh trigger to predict if the rupee will be 79 or 80 unless and until there is a conflict between US and China with regards to Taiwan, other than that there shouldn't be any correction towards 77 or 77.50 in the spot," said Emkay Global Financial Services in a note.
The rupee might see more weakness ahead of the US monetary policy review meeting starting later this week, where the US Fed is expected to hike rates and showcase a more aggressive action, said Jigar Trivedi, Research Analyst, Commodities & Currencies Fundamental, Anand Rathi Shares & Stock Brokers.
However, runaway depreciation might not happen amid the central bank's intervention, Trivedi said.
The rupee fell 14 paise to 77.69 per US dollar.
Money market participants are currently closely watching the domestic share market for clues to fund flows.
An expectation of tightening monetary policy rates in the US also weighed on the rupee as any rate hike in the advanced markets typically follows with fund outflows from the emerging markets in order to accumulate higher returns.
Rupee has been under-pressure after the global central banks started the normalising policy and last week RBI too started raising key interest rates.
Besides, the rupee weakened on account of a surge in the global crude oil prices.
The Sensex of the BSE opened at 35,906.01 from its previous close at 35,898.35 on Thursday.
At 9.18 a.m., the Sensex traded at 35,864.63 lower by 33.72 points or 0.09 per cent.
The Nifty of the National Stock Exchange (NSE) opened slightly lower at 10,782.70 after closing at 10,789.85 on Thursday.
It traded at 10,766.30 during the morning trade session, down 23.55 points and 0.22 per cent.
On Thursday, both foreign institutional investors (FIIs) and domestic institutional investors (DIIs) were net buyers.
FIIs bought stocks worth Rs 55.48 crore while DIIs bought shares worth Rs 202.10 crore.
Third quarter earning outcomes from index heavyweights such as Maruti Suzuki and Larsen and Toubro (L&T), is expected later in the day.
All the sectors or BSE and NSE gained.
The Sensex of the BSE opened at 36,245.77 from its previous close at 36,195.10 on Thursday.
At 9.24 a.m., the Sensex traded at 36,447.05 higher by 251.95 points or 0.70 per cent after touching an intra-day high of 36,474.05 and a low of 36,216.41.
The Nifty50 of the National Stock Exchange (NSE) opened at 10,859.75 after closing at 10,849.80 on Thursday.
The Nifty traded at 10,921.30 during the morning trade session, up 71.50 points and 0.66 per cent.
The Sensitive Index (Sensex) of the BSE, which had closed at 36,321.29 points on Wednesday, opened higher at 36,413.60 points.
Minutes into trading, it was quoting at 36,453.62 points, up by 132.33 points, or 0.36 per cent.
At the National Stock Exchange (NSE), the broader 51-scrip Nifty, which had closed at 10,890.30 points on Wednesday, was quoting at 10,923.15 points, up by 32.85 points or 0.30 per cent.
Broadly negative global cues, especially owing to the political uncertainty in the UK on Brexit, along with a sustained weakness in the Indian currency, subdued the Indian equity market on Wednesday with both indices ending flat.
The Sensex was up by 2.96 points or 0.01 per cent at the Wednesday's closing. In the day's trade, the barometer 30-scrip sensitive index had touched a high of 36,462.03 points and a low of 36,278.61 points. The Nifty, too was up by 3.50 points or 0.03 per cent.
On Thursday, Asian indices were mostly showing a positive trend though Japan's Nikkei 225 was quoting in red, down by 0.05 per cent. Hang Seng was up by 0.35 per cent while South Korea's Kospi was also up by 0.20 per cent. China's Shanghai Composite index was trading in green, up by 0.14 per cent.
Overnight, Nasdaq closed in green, up by 0.15 per cent while FTSE 100 was down by 0.47 per cent at the closing on Wednesday.
All the sectoral indices on the BSE traded in the red except the IT and Teck stocks.
Weakness in the Asian markets dampened the domestic investor sentiments on Monday, analysts said.
At 9.34 a.m., the Sensex traded at 35,838.57, lower by 171.27 points 0.48 per cent from the previous close of 36,009.84 points.
It had opened 36,113.27 and so far it touched an intra-day high of 36,124.94 and a low of 35,806.28 points.
The Nifty50 on the National Stock Exchange traded at 10,736.75 points, lower by 58.20 points or 0.54 per cent from the previous close.
The sharp deceleration in the rate of India's industrial output growth is also expected have an impact on investors' sentiments.
Additionally, global cues such as concerns over the rise in crude oil prices and trade talks between the US and China, along with the direction of foreign fund flows, will affect the risk-taking appetite of investors.
"Going forward, the market will closely watch guidance and management commentary of the companies coming out with their earnings," SMC Investments & Advisors CMD D.K. Aggarwal told IANS.
"Besides, third quarter results, macroeconomic data, trend in global markets, investment by foreign portfolio investors (FPIs) and domestic institutional investors (DIIs), the movement of rupee against the dollar and crude oil price movement will dictate the trend of the market going forward."
In the coming week, companies like Reliance Industries, Cyient, Hindustan Unilever, Rallis India, ICICI Securities, Multi Commodity Exchange of India, Mindtree, SBI Life Insurance Company and Wipro are expected to announce their Q3 earning results.
According to Sahil Kapoor, Chief Market Strategist, Edelweiss Investment Research: "The breadth of the market suggests that the underlying strength of the broader market is still absent. NSE500 Index which is much broader than the Nifty is still trading below its 200DMA."
"As we move into the thick of the result season the index is likely to see a break of this trading range. If the index were to trade below 10,700 mark a fall towards 10,400 to 10,500 range is likely and a retest of 2018 lows would also rise in probability."
Apart from the Q3 results, investors will look out for the upcoming macro-economic data points such as CPI (Consumer Price Index), Wholesale Price Index (WPI) and
and the Balance of Trade figures.
The Central Statistics Office (CSO) is slated to release the macro-economic data points of CPI (Consumer Price Index) on Jan 14.
Besides, a volatile rupee against the US dollar might hamper market's northward moves.
"The rupee has got concerns from rising crude and risk of fiscal slippage in poll bound nation... any breach above 70.60 levels can take it to 71.50 levels. On the lower side 69.80 can be seen if any softness in crude is seen," said Edelweiss Securities' Head of Forex and Rates Sajal Gupta.
"Any positive development on resolution of global trade concerns can be a positive backdrop for rupee to appreciate in coming week."
On a weekly basis, the Indian rupee weakened by 77 paise to 70.49 against the US dollar from its previous close of 69.72.
In addition, direction of foreign fund flows will be the another major theme for the equity market.
As per the provisional data released by stock markets, FIIs remained net sellers to the tune of over Rs 500 crore during the week ended Friday.
Last week, the key Indian equity indices -- the BSE Sensex and the NSE Nifty50 -- rose despite a rise in global crude oil prices and heavy outflow of foreign funds, partly owing to an ease in liquidity and hopes of the US-China trade war being resolved.
Consequently, the barometer 30-scrip Sensitive Index (Sensex) of the BSE gained 314.74 points, or 0.88 per cent, to close at 36,009.84 points.
Similarly, the wider Nifty50 of the National Stock Exchange (NSE) made healthy gains. It closed trade at 10,331.60 points -- up 67.6 points, or 0.63 per cent, to settle at 10,794.95.
The third quarter results session will start with the earning announcement of Tata Consultancy Services. The IT major is scheduled to announce its result on Thursday.
Globally, investors awaited the outcome of US-China trade talks which has been extended till Wednesday.
Sector-wise, metal, oil and gas stocks lost over 1 per cent but key finance and banking stocks traded in the green.
At 12.26 p.m., the BSE Sensex traded 122.99 points or 0.34 per cent higher to touch 36,103.92.
It opened above the 36,000 mark after closing at 35,980.93 on Tuesday.
The benchmark index, however, traded in a short range, touching an intra-day high of 36,250.54 and a low of 36,103.13.
The broader Nifty50 gained 16.25 points, or 0.15 per cent, to 10,818.40.
Earlier Chinese factory data along with that of India's suggested a global growth slowdown.
The latest addition to the worries was tech major Apple's announcement of cutting its financial forecast, partly blaming US trade tensions with China along with a slowdown in the Chinese economy.
Apple is one of the world's largest companies by market value and it was the first time in years that it sharply cut it's growth forecast.
Despite the underlining negativity, all the sectors on the BSE inched up, led by auto telecom stocks. However, the banking stocks traded on a flat note, up just 0.06 per cent.
The S&P BSE Sensex opened at 35,590.79 from its previous close of 35,513.71 on Thursday.
At 9.23 a.m., the Sensex traded 184.01 points or 0.52 per cent higher at 35,697.72.
The NSE Nifty50 opened at 10,699.70 after closing at 10,672.25 on Thursday.
The Nifty50 traded at 10,725.15 during the morning trade session, up 52.90 points and 0.50 per cent.
In the Asian markets too, indices traded on a positive note so far in the day.
At 9.19 a.m., the Sensex traded at 36,277.86 points, higher by 201.14 points or 0.56 per cent from the previous close of 36,076.72 points.
It had opened at 36,239.19 and so far, it has touched an intra-day high of 36,285.46 and a low of 36,232.11 points.
The Nifty50 on the National Stock Exchange traded at 10,859.90, higher by 80.10 points or 0.74 per cent from the previous close of 10,779.80 points.
The domestic indices traded lower tracking weakness in the Asian markets.
At 9.38 a.m., the Sensex traded at 36,304.64, lower by 179.69 points or 0.49 per cent from the previous close of 36,484.33.
It had opened at 36,321.18, and has touched a intra-day high of 36,352.65 and a low of 36,213.73.
The Nifty50 on the National Stock Exchange traded at 10,908.15, lower by 59.15 points or 0.54 per cent from its previous close.
The Sensex of the BSE opened at 36,441.46 from its previous close at 36,347.08 on Tuesday as investors were cautious of the ongoing Federal Open Market Committee (FOMC) meeting that was expected to raise interest rates that has kept the sentiments tepid, analysts said.
All sectors, except power and Teck, traded in green.
At 9.20 a.m., the Sensex traded at 36,486.30 higher by 139.22 points or 0.38 per cent.
The Nifty50 of the National Stock Exchange (NSE) opened at 10,930.55 after closing at 10,908.70 on Tuesday.The Nifty traded at 10,954 during the morning trade session, up 45.30 points and 0.42 per cent.
Financials along with metal, power and healthcare stocks advanced while realty and telecom winessed selling pressure.
At 9.20 a.m., the BSE Sensex traded 260.29 points higher at 36,223.22 after opening at 36,129.13 from its previous close at 35,962.93 on Friday.
The Nifty50 of the National Stock Exchange (NSE), which opened at 10,853.20 from its previous close of 10,805.45, traded higher by 59.15 points at 10,864.60.
The financial stocks witnessed selling pressure while telecom, IT and realty counters gained.
On the domestic front, the Reserve Bank of India's (RBI) board meeting and the release of key macro-economic data was due on Friday.
The BSE Sensex that opened at 35,960.19 from its previous close at 35,929.64 on Thursday, traded at 35,919.73 at 9.36 a.m. -- lower by 9.91 points or 0.03 per cent.
The Nifty50 of the National Stock Exchange (NSE), which opened at 10,784.50 after closing at 10,791.55 on Thursday, traded at 10,777.80 during the morning trade session, down 13.75 points and 0.13 per cent.
The Sensex of the BSE opened at 35,277.84 points and touched a high of 35,329.37 points and a low of 35,272.16 points.
On Tuesday, the Sensex closed at 35,150.01 points.
The Sensex is trading at 35,240.49 points up by 90.48 points or 0.26 per cent.
On the other hand, the broader 50-scrip Nifty at National Stock Exchange (NSE) opened at 10,591.00 points after closing at 10,549.15 points on Tuesday.
The Nifty is trading at 10,564.65 points in the morning.
The key indices -- the S&P BSE Sensex and NSE Nifty50 - had a gap-down opening and subsequently shed over 600 points and 190 points or more than 1.60 per cent each.
According to market observers, heavy selling pressure in banking, consumer goods, oil and gas, capital goods and automobile stocks, along with continuous outflow of foreign funds accelerated the downward trajectory of the equity indices.
On the currency front, the Indian rupee weakened to 71.39 against the US dollar from its previous close of 70.81.
At around 10.50 a.m., the wider Nifty50 of the National Stock Exchange (NSE) traded lower by 186.15 points or 1.74 per cent to 10,507.55 points.
The barometer 30-scrip Sensitive Index (Sensex), which opened at 35,204.66 points, traded at 35,066.82 points -- lower by 606.43 points or 1.70 per cent -- from its previous session's close of 35,673.25 points.
The BSE market breadth was bearish with 1,638 declines and only 384 advances.
"Indian markets have expectedly opened lower and are currently trading about 1.7 per cent lower," HDFC Securities' Retail Research Head Deepak Jasani told IANS.
"Despite the negative of exit polls (that impacts only India), our markets have fallen in line with the other global markets which were down due to resurgence of US-China friction and rise in crude prices.
"Actual election results will be known on Tuesday and if BJP does well compared to the expectations in exit polls then we could witness a minor relief rally. However the overhang of negativity may still persist."
On Tuesday, the results of the state Assembly elections in Rajasthan, Madhya Pradesh, Chattishgarh, Telangana and Mizoram will be declared. These elections are considered as a crucial indicator of public mood before the Lok Sabha elections which are due in April-May 2019.
Besides the outcome of the state elections, a rise in crude oil prices after the Organisation of Petroleum Exporting Countries (OPEC) and Russia decided to go in for a production cut of 1.2 million barrels per day from 2019 might hinder the markets' attempts to arrest the fall.
Last Friday - the previous trade session - bargain hunting and lower crude oil prices lifted the key Indian equity market indices by around 1 per cent.
Consequently, the NSE Nifty50 had ended higher by 93 points or 0.87 per cent at 10,693.70 points, whereas the Sensex closed at 35,673.25 points, up 361.12 points or 1.02 per cent.
The Sensex of the BSE opened at 36,035.65, then touched a high of 36,048.65 and a low of 35,916.55 points.
It is trading at 35,968.13 down by 166.18 points or 0.49 per cent from its Tuesday's close at 36,134.31.
On the other hand, the broader 50-scrip Nifty at the National Stock Exchange (NSE) opened at 10,820.45 after closing at 10,869.50 points.
The Nifty is trading at 10,818.15 in the morning.
However, positive Asian markets aided the domestic indices to pare some of the losses.
Buying was witnessed in IT, healthcare and TECK (technology, entertainment and media) counters while metal scrips came under selling pressure.
Stocks of key sectors; finance and banking also traded lower.
The Sensex of the BSE opened at 35,394.77 from its previous close at 35,354.08 on Monday.
At 9.29 a.m., the Sensex traded at 35,325.19 lower by 28.89 points or 0.08 per cent.
The Nifty50 of the National Stock Exchange (NSE) opened at 10,621.45 after closing at 10,628.60 on Monday.
The Nifty traded at 10,612.70 during the morning trade session, down 15.90 points and 0.15 per cent.
The BSE Sensex was trading 190 points higher after as healthy buying was witnessed in all the 19 sectors on BSE, except for telecom, oil and gas counters.
It opened at 34,846.19 from its previous close at 34,812.99 on Friday. At 9.22 a.m., it traded at 35,647.23 higher by 190.07 points or 0.54 per cent.
The Nifty50 of the National Stock Exchange (NSE) opened at 10,731.25 after closing at 10,682.20 on Friday. It was trading at 10,730.30 during the morning trade session, up 48.10 points and 0.45 per cent.
The Sensex of the BSE opened at a high of 35,330.14. It touched a low of 35,251.34.
The Sensex was trading at 35,316.07 up by 171.58 points or 0.53 per cent from its Tuesday's close at 35,144.49.
On the other hand, the broader 50-scrip Nifty at the National Stock Exchange (NSE) opened at 10,634.90 after closing at 10,583.50 on Tuesday.
The Nifty is trading at 10,623.65 in the morning.
Under the daily dynamic pricing regime, petrol in Delhi on Friday cost Rs 80.85 per litre and diesel was priced at Rs 74.73.
"Since last eight days, international oil prices have been falling and rupee has also appreciated," the source said.
With the previous rise in global oil prices, petrol and diesel were sold in Delhi at Rs 84 and Rs 75.45 per litre respectively on October 4 when the government cut excise duty by Rs 1.50 per litre each and oil marketing companies were asked to reduce their margin by Rs 1 a litre.
"This means that in the last one week, retail prices have registered a reduction of Rs 1.98 per litre on petrol and Rs. 0.96 per litre on diesel," the source said.
Around 1.25 p.m., the Indian rupee traded at 74.27 to a dollar -- the lowest ever against the greenback.
The Indian currency made a slight recovery at 1.35 p.m. to stand at 74.26 to a USD.
It opened the day's trade at the Inter-Bank Foreign Exchange Market at 73.85 to a USD from its previous close of 74.07.
According to market observers, other factors such as the direction of foreign fund flows, derivatives expiry and the volatility in global crude oil prices will also impact investor sentiments.
"Crude oil prices, along with the rupee's movement and the direction of foreign funds are likely to dictate market trends," SMC Investments and Advisors' Chairman and Managing Director D.K. Aggarwal told IANS.
"Investors will also remain cautious over the possibility of any rate hike by the US Fed, which can potentially drive away foreign funds from emerging markets such as India."
Lately, a weakened Indian rupee has been a matter of concern for investors.
However, a reversal in the rupee's trajectory was seen last week as it strengthened by 25 paise to close at 69.91 against the US dollar.
"The rupee is expected to be range-bound next week. In his speech at the Jackson Hole, US Fed Chairman has reiterated that the Fed will raise interest rates gradually," said Rushabh Maru, Research Analyst with Anand Rathi Shares and Stock Brokers.
"Now the focus will shift to India's GDP data, due to release next week. Expected range is estimated between 69.60 and 70.20."
Besides, crucial data points on the country's fiscal deficit, Index of Eight Core Industries and the Quarterly GDP growth rate will be keenly watched by the market participants.
Additionally, the direction of foreign fund flows will play a key role to determine market movement. Provisional figures from the stock exchanges showed that foreign institutional investors (FIIs) bought scrips worth Rs 128.64 crore during the week ended August 24.
On technical-charts, any further upsides in the National Stock Exchange (NSE) Nifty 50 are seen after the immediate resistance level of 11,621 points is crossed.
"Technically, with the Nifty surging to new highs, its intermediate trend remains up," said Deepak Jasani, Head of Retail Research for HDFC Securities.
"The intermediate uptrend is likely to continue once the immediate resistance of 11,621 points is taken out. Crucial supports to watch for resumption of weakness is at 11,499 points."
Last week, both the key Indian equity indices -- S&P BSE Sensex and NSE Nifty 50 -- rose for the fifth consecutive week and scaled new highs during the August 20-24 period despite global trade war tensions.
On August 23, both key indices touched their respective intra-day all-time high levels, before settling at their record closing levels.
Consequently, the barometer 30-scrip Sensitive Index (Sensex) of the Bombay Stock Exchange (BSE) rose by 303.92 points or 0.80 per cent to close at 38,251.80 points on a weekly basis.
Similarly, the wider Nifty50 on the NSE made gains. On Friday, it ended at 11,557.10 points, higher by 86.35 points or 0.75 per cent from the previous week's close.
(By Rohit Vaid)
In late New York trading on Friday, the euro climbed to $1.1662 from $1.1622 in the previous session, and the British pound rose to $1.3261 from $1.3253 in the previous session, Xinhua news agency reported.
The Australian dollar went up to $0.7440 from $0.7389.
Latest report from European data firm Markit showed that business activity in Germany and France, the euro zone's top two economies, picked up in June despite trade tensions between Europe and the US.
The shared currency rose more than 0.50 per cent against the US dollar in late trading.
Meanwhile, the greenback was under further pressure as commodity-linked currencies gained broadly on Friday after global oil prices rallied over 4 per cent.
The dollar index, which measures the greenback against six major peers, decreased 0.37 per cent at 94.508 in late trading.
The US dollar bought 109.98 Japanese yen, higher than 109.86 Japanese yen of the previous session. The US dollar inched down to 0.9879 Swiss franc from 0.9908 Swiss franc, and it declined to 1.3268 Canadian dollars from 1.3305 Canadian dollars.
At the interbank forex exchange, the rupee opened lower at 71.38 and weakened further to quote 26 paise down at Rs 71.45 against the dollar.
Forex dealers said the dollar's gains against some other currencies overseas too weighed on the rupee sentiment.
However, a positive opening of the domestic equity market capped the rupee's losses, they said.
Brent crude, the international oil benchmark, was trading 0.46 per cent higher at USD 62.99 per dollar, its two-month high.
On Friday, the rupee had shed 16 paise to end at 71.19 against the dollar.
Meanwhile, the benchmark BSE Sensex rose 32.76 points, to 32,419.37 in opening session Monday.
The rupee opened strong at 69.38 at the interbank forex market against previous close of 69.72 per dollar amid sustained foreign fund inflows and positive opening in domestic equities.
The rupee moved in range of 69.46 per dollar to 69.34 per dollar in early trade and was trading at 69.39, displaying strong gains of 33 paise against the greenback.
Forex dealers said, selling of the American currency by exporters supported the rupee.
On Friday, the rupee had ended higher by 48 paise at 69.72 against the US dollar in line with smart gains in domestic equities and uptrend in other emerging market currencies.
Foreign funds pulled out Rs 157.72 crore from the capital markets on a net basis, while domestic institutional investors purchased shares worth Rs 240.60 crore Friday, provisional data showed.
The benchmark BSE Sensex rose by 287.74 points, or 0.81 per cent to quote at 35,982.84, while the NSE Nifty climbed 84.90 points, or 0.79 per cent, to 10,812.25.
Meanwhile, brent crude, the global benchmark, was trading lower at 57.74 per barrel, higher by 1.19 per cent.
The rise in the rupee was also supported by dollar-selling by exporters and banks and the US unit's weakness against some currencies overseas ahead of US Federal Reserve Monetary policy decision Wednesday, traders said.
At the interbank forex market, the rupee commenced with strength at 71.34 and appreciated further to quote 37 paise higher at 71.19 against the US dollar.
The rupee had gained 34 paise to close at 71.56 against the US dollar Monday as forex market sentiments were driven by the country's narrowing trade deficit in November as also smart gains in domestic equities.
Brent crude, the international benchmark, dropped by 1.22 per cent to 14-month low of USD 58.85 barrel.
The US Federal Reserve's policy decision is expected on December 19, and market is expecting another rate hike, traders said.
However, a lower opening in the domestic equity market capped the gain in the domestic currency.
The benchmark BSE Sensex fell by 170.50 points, 0.47 per cent, to 36,099.57 in early trade.
Global investor sentiment was weak as the chances of peaceful trade negotiations between the US and China dimmed on news that Huawei chief financial officer Meng Wanzhou had been held in Canada and faces extradition to the United States over alleged Iran sanctions breaches by the firm.
The 30-share Sensex was trading 298.53 points, or 0.83 per cent, lower at 35,585.88. The index tumbled 249.90 points, or 0.69 per cent, to close at 35,884.41 on Wednesday.
In similar movement, the NSE Nifty was trading 94 points, or 0.87 per cent, lower at 10,688.90.
All sectoral indices were trading with losses, led by metal, oil and gas, realty, FMCG, auto and banking stocks.
Top losers include Vedanta, Bharti Airtel, Tata Steel, Yes Bank, Maruti, IndusInd Bank, ONGC, ICICI Bank, Tata Motors, Kotak Bank and NTPC, falling up to 3 per cent.
While, gainers include Sun Pharma, PowerGrid and L&T, rising up to 2 per cent.
Domestic investor sentiment was also weak after the Reserve Bank of India (RBI) Wednesday expectedly kept interest rates unchanged.
"From a market stand point, the expectation of a more accommodative view from RBI, in line with similar view on the US Fed rate trajectory was a disappointment, which explains the post announcement volatility," said Dhananjay Sinha, Head of Research, Economist & Strategist, Emkay Global Financial Services.
On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 357.82 crore Wednesday, and domestic institutional investors (DIIs) were net sellers to the tune of Rs 791.59 crore, provisional data available with BSE showed.
The rupee, meanwhile, opened 33 paise lower at 70.79 against the US dollar in early trade.
Oil prices extended losses ahead of the meeting of Opec and non-Opec production companies. Brent crude, the international benchmark, was trading 0.83 per cent lower at USD 61.05 per barrel.
Elsewhere in Asia, Hong Kong's Hang Seng was down 2.26 per cent, Japan's Nikkei fell 2.06 per cent and Shanghai Composite Index edged lower by 1.28 per cent in early trade.
Wall Street was closed for trade on Wednesday. the Dow Jones Industrial Average index cracked 799.36 points, or 3.10 per cent, to 25,027.07 on Tuesday.
The 30-share index was trading 133.27 points, or 0.37 per cent, lower at 36,107.73 at 0945 hrs. The index had closed with a marginal gain of 47 points at 36,241 Monday.
In similar movement, the NSE Nifty was trading 31.20 points, or 0.29 per cent, down at 10,852.55.
Investors turned cautious after the euphoria over US-China trade settled, and uncertainty over negotiations between the two countries during the next 90 days rose.
The White House announced after talks between President Donald Trump and Chinese counterpart Xi Jinping on Saturday that a tariff hike that had been due on January 1 would be suspended for three months while the two sides negotiate a resolution.
US President Donald Trump and his Chinese counterpart Xi Jinping agreed to a truce and halted their tariff war at the G20 meet.
Market is also in wait-and-watch mode ahead of the outcome of the Reserve Bank of India's fifth bimonthly monetary policy meeting for 2018-19.
Top losers include HDFC, M&M, NTPC, Kotak Bank, HDFC Bank, Adani Ports, PowerGrid, Bharti Airtel and Reliance Industries, falling up to 2 per cent.
While, gainers include Yes Bank, ONGC, Hero MotoCorp, Sun Pharma, Bajaj Auto, Tata Motors, Coal India, Infosys, TCS, ICICI Bank and Asian Paints, rising up to 2 per cent.
On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 293.12 crore Monday, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 806.45 crore, provisional data available with BSE showed.
The rupee, meanwhile, depreciated 9 paise to 70.55 against the US dollar in early trade at the interbank foreign exchange, amid strengthening of the US dollar and rise in crude oil prices.
Brent crude, the international benchmark, was trading 1 per cent up at USD 62.31 per barrel.
Elsewhere in Asia, Hong Kong's Hang Seng was down 0.26 per cent, Japan's Nikkei fell 0.97 per cent and Shanghai Composite Index edged higher by 0.04 per cent in early trade.
On Wall Street, the Dow Jones Industrial Average index rose 287.97 points, or 1.13 per cent, to 25,826.43 on Monday.
The 30-share index bounced by 134.93 points, or 0.38 per cent to 35,334.73, with sectoral indices led by IT, teck, FMCG and oil and gas stocks advancing up to 1.15 per cent.
The barometer had lost over 575 points in the previous two sessions.
Also, the NSE Nifty was up 36.75 points, or 0.36 per cent, at 10,636.80.
Brokers said fresh buying by domestic institutional investors (DIIs) and retailers, coupled with strengthening rupee against the US dollar and falling global crude oil prices, influenced trading sentiments here.
Negative Asian cues, however, capped the gains.
The rupee rose by 35 paise to trade at 71.11 against the dollar in early trade at the interbank forex market Thursday.
Prominent gainers were TCS, Yes Bank, ONGC, Vedanta, Wipro, HDFC, Adani Ports, RIL, IndusInd Bank, L&T, HUL, Tata Motors, ITC and HDFC Bank, rising up to 1.57 per cent.
However, Bharti Airtel emerged worst Sensex performer, falling over 2 per cent, followed by M&M PowerGrid, Tata Steel and SBI.
Meanwhile, domestic institutional investors (DIIs) bought shares worth a net of Rs 606.73 crore, while foreign institutional investors (FIIs) sold shares to the tune of Rs 1,652.04 crore Wednesday, provisional data showed.
Elsewhere in Asia, Japan's Nikkei fell 0.02 per cent, Shanghai Composite Index shed 0.55 per cent, Hong Kong's Hang Seng dropped 0.31 per cent and Singapore declined 0.30 per cent in early trade.
The US Dow Jones Industrial Average gave up initial gains to end almost flat Wednesday.
Positive leads from the US markets on optimism that the US and China may resolve their trade dispute, and a mixed trend at other Asian bourses too influenced sentiments here.
The 30-share index spurted 159.17 points, or 0.45 per cent, to 35,419.71 points with sectoral indices, led by healthcare, auto, FMCG, capital goods and banking, rising up to 1.03 per cent.
The barometer had gained 118.55 points Thursday.
The NSE Nifty was trading 41 points, or 0.39 per cent, higher at 10,657.70.
Prominent gainers include Sun Pharma, Axis Bank, Asian Paint, RIL, M&M, Hero MotoCorp, TCS, HDFC Bank, Maruti Suzuki, PowerGrid, ICICI Bank, Tata Motors, Bajaj Auto, NTPC and Bharti Airtel, gaining up to 1.37 per cent.
On the other hand, continuing its fall, Yes Bank was the biggest loser, dropping up to 6 per cent.
ONGC, Infosys, Tata Steel, Vedanta and Adani Ports too fell up to 3 per cent.
Meanwhile, the rupee was trading higher by 10 paise at 71.87 against the American currency in early deals Friday.
There was continued buying by foreign funds for the second straight day Thursday.
Foreign institutional investors (FIIs) accumulated shares worth a net of Rs 2,043.06 crore, while domestic institutional investors (DIIs) sold shares worth Rs 165.31 crore Thursday, provisional data showed.
Elsewhere in Asia, Shanghai Composite Index rose 0.71 per cent, Korea's Kospi up 0.20 per cent, while Japan's Nikkei fell 0.52 per cent.
The Dow Jones Industrial Average in the US ended 0.83 per cent higher Thursday.
The BSE Sensex was trading 114.08 points, or 0.32 per cent, lower at 35,123.60. It had dropped 226.45 points in opening trade.
The 30-share index had surged 246 points in the special Muhurat session Wednesday to mark the beginning of Hindu Samvat year 2075.
The NSE Nifty saw similar movement, and was trading 31.05 points, or 0.29 per cent, lower at 10,567.35.
The stock market was closed Thursday on account of Diwali Balipratipada.
Top losers in the morning session include Bharti Airtel, Wipro, Infosys, Tata Steel, ITC, ONGC, HDFC, NTPC and SBI, falling up to 1.65. per cent.
Bucking the weak market trend, Yes Bank, Adani Ports, IndusInd Bank, PowerGrid, Asian Paints, Sun Pharma and Hero MotoCorp rose up to 2.36 per cent.
Shares of aviation companies gained due to softening of crude oil prices. InterGlobe Aviation, SpiceJet and Jet Airways were trading up to 2 per cent higher.
US West Texas Intermediate (WTI) crude oil futures were at $60.62 per barrel, down 5 cents from their last settlement.
Meanwhile, the rupee appreciated 35 paise to 72.65 against the dollar in early trade, following US mid-tem election results and easing crude oil prices.
According to provisional data available with the BSE, foreign portfolio investors (FPIs) bought shares worth a net of Rs 31 crore Wednesday, while domestic institutional investors (DIIs) were net buyers too to the tune of Rs 27 crore.
Elsewhere in Asia, Japan's Nikkei was trading 0.93 per cent down, Shanghai Composite index fell 1.29 per cent, while Hong Kong's Hang Seng plunged 2.39 per cent and Taiwan Weighted was down 1.40 per cent in their early sessions.
On Wall Street, the S&P 500 lost 0.25 per cent and the Nasdaq shed 0.53 per cent after the Fed's statement.
The dollar's weakness against some currencies overseas and a better opening of the domestic equity market also supported the rupee, dealers said,.
At the interbank forex market, the rupee opened strong at 72.98 and advanced further to trade at 72.91, reflecting a rise of 21 paise over its previous close of 73.12 against the dollar.
On Monday, the Indian rupee tumbled 67 paise to close at 73.12 against the US dollar on increased demand for the American currency from importers and unabated foreign fund outflows.
Meanwhile, the benchmark Sensex rose 118.44 points, or 0.34 per cent, to 35,069.36 in opening trade Tuesday.
At the interbank foreign exchange, after opening higher at 73.88 rupee strengthened further to quote at 73.84 against the dollar registering a recovery of 11 paise over its previous close.
The dollar's weakness against some currencies overseas and a better opening of domestic equities supported the rupee's recovery, traders said.
Easing concerns around the rift between the government and the RBI, after the Finance Ministry said the autonomy for the central bank, within the framework of the RBI Act, was an "essential and accepted" governance requirement, also lifted the the local unit, they added.
On Wednesday, the rupee had plunged 27 paise to close at nearly three-week low of 73.95 as the American currency strengthened against major global currencies overseas amid steady capital outflows.
Meanwhile, the benchmark Sensex went up 149.36 points, or 0.44 per cent, to 34,591.41 in opening trade.
Dealers attributed the rupee's fall to increased demand for the US currency from importers and sustained foreign fund outflows.
Besides, domestic equity market opening with losses, also weighed on the rupee, they said.
At the interbank foreign exchange, the rupee opened weak at 73.74 then slipped further to quote 23 paise down at 73.79 against the US dollar.
On Monday, the rupee had settled 24 paise lower at 73.56 against the US dollar due to steady capital outflows and strengthening of the American currency.
The benchmark Sensex, cracked below the 34,000-mark by falling 193.15 points, or 0.57 per cent to 33,941.23 in the opening trade Tuesday.
Meanwhile, on a net basis, foreign portfolio investors (FPIs) sold shares of Rs 511.91 crore Monday, as per provisional data.
At the Interbank Foreign Exchange (forex) market, the domestic currency opened weak at 74.37 and slipped further to quote at an all-time low of 74.45, depreciating 24 paise against the US dollar in the early trade.
Forex dealers said besides strong demand for the American currency from importers, concerns of fears of rising fiscal deficit and capital outflows weighed on the domestic currency.
On Wednesday, the rupee snapped its six-session losing streak to end 18 paise higher at 74.21 against the US dollar after the American currency weakened overseas.
Foreign institutional investors (FIIs) sold shares net worth a net of Rs 1,096 crore Wednesday, provisional data showed.
Investors remained concerned over sustained foreign capital outflows.
Meanwhile, the BSE benchmark Sensex crashed 1,030.40 points, or 2.95 per cent, to hit 33,730.49 in opening trade.
Consistent dollar demand from importers, mainly oil refiners, following higher crude oil prices, kept the rupee under pressure.
Meanwhile, state-owned oil marketing companies have been allowed to raise USD 10 billion from overseas market to meet their working capital needs.
At the interbank foreign exchange, the rupee opened lower and slipped further to a fresh low of 73.77 a dollar against 73.34, a fall of 43 paise.
The domestic currency closed at a record low of 73.34, down by 43 paise or 0.59 per cent on Wednesday.
The international benchmark Brent crude breached the US 86 per barrel level, near its four-year high.
The benchmark Sensex plunged by 527.94 points, or 1.39 per cent, to 35,447.69 in morning deals.
Besides, the dollar's weakness against other currencies overseas gave the rupee strength, dealers said.
They said a record opening of the domestic equity markets, too kept the rupee firm.
Yesterday, the rupee had retreated sharply to hit a record closing low of 70.16 against the dollar, plunging by 25 paise despite a huge rally in equities and easing worries over near-term monetary policy tightening by the US Fed.
Meanwhile, the BSE Sensex climbed 181.75 points, or 0.46 per cent, to quote a fresh life-time high of 38,875.86 in opening trade. The NSE Nifty too scale a new peak of 11,751.20 by surging 59.25 points.
Foreign institutional investors (FIIs) bought shares worth a net of Rs 252.52 crore, while domestic institution investors (DIIs) accumulated shares to the tune of Rs 1,117.24 crore yesterday, as per provisional data.
Banking, finance and auto stock on the BSE declined while the consumer durable stocks gained close to 1.50 per cent.
The S&P BSE Sensex opened marginally lower at 36,456.22 from its previous close of 36,469.43.
At 9.18 a.m., the Sensex traded 124.50 points or 0.34 per cent lower at 36,344.93.
The broader Nifty also opened lower at 10,876.75 from its Friday's close of 10,893.65.
It traded 41.60 points or 0.49 per cent down at 10,852.05.
The Sensitive Index (Sensex) of the BSE, which had closed at 36,975.23 points on Wednesday, opened higher at 37,026.56 points.
Minutes into trading, it was quoting at 37,002.97 points, up by 27.74 points, or 0.08 per cent.
At the National Stock Exchange (NSE), the broader Nifty 50, which had closed at 11,062.45 points on Wednesday, was quoting at 11,060.10 points, down by 2.35 points or 0.0.02 per cent.
As many as 26 stocks advanced in the Nifty 50 index while 24 stocks declined. In the BSE Sensex, eight stocks including Tata Steel, HDFC Bank, were trading in red while 22 were trading in green.
Expectations of rate cut in the Reserve Bank of India (RBI)'s bi-monthly monetary policy outcome due on Thursday, along with some healthy quarterly results, lifted the key equity indices on Wednesday.
The Sensex was up by 358.42 points or 0.98 per cent at the Wednesday's closing. In the day's trade, the barometer 30-scrip sensitive index had touched a high of 37,005.25 points and a low of 36,680.88 points. The Nifty, too was up by 128.10 points or 1.17 per cent.
On Thursday, Asian indices were showing a mixed trend. Japan's Nikkei 225 was quoting in red, down by 0.74 per cent while South Korea's Kospi was up by 0.30 per cent. SGX Nifty was also trading in red, down by 0.21 per cent.
Overnight, Nasdaq closed in red, down by 0.36 per cent while FTSE 100 was also down by 0.06 per cent at the closing on Wednesday.
The Sensex of the BSE opened at 36,873.59 points and touched a high of 36,885.56. The Sensex touched a low of 36,767.26 points.
On Thursday, the Sensex closed at 36,971.09 points.
The Sensex is trading at 36,800.47 down by 170.62 points or 0.46 per cent.
On the other hand, the broader 50-scrip Nifty at National Stock Exchange (NSE) opened at 11,023.50 points after closing at 11,069.40 points.
The Nifty is trading at 11,027.15 points in the morning.
Analysts said that caution ahead of the Consumer Price Index (CPI) and Index of Industrial Production (IIP) kept the investors from participation.
IT and consumer durables declined while the energy and power sector logged strong gains.
Investors will also be looking for the third quarter earning outcomes to be announced later in the day by companies like Coal India, Hindalco and Sun Pharmaceutical.
The Sensex of the BSE opened at 36,405.72 from its previous close at 36,395.03 on Monday.
At 9.19 a.m., the Sensex traded at 36,440.56 higher by 45.53 points or 0.13 per cent.
The Nifty of the National Stock Exchange (NSE) opened lower at 10,879.70 after closing at 10,888.80 on Monday.
The Nifty traded at 10,896.90 during the morning trade session, up 8.10 points and 0.07 per cent.
On Monday, both foreign institutional investors (FIIs) and the domestic institutional investors (DIIs) were net sellers.
FIIs stocks sold Rs 125.05 crore while the DIIs sold to the tune of Rs 232.55 crore.
Utilities, oil and gas and power stocks gained on the BSE while key sectors like finance and banking traded lower.
The BSE Sensex opened at 35,985.68 from its previous close at 35,876.22 on Thursday.
At 9.16 a.m., the Sensex traded at 36,014.08 higher by 137.86 points or 0.38 per cent.
The Nifty of the National Stock Exchange (NSE) opened lower at 10,930.90 after closing at 10,943.60 on Thursday.
The Nifty traded at 10,752.15 during the morning trade session, up 6.10 points and 0.06 per cent.
On Thursday, foreign institutional investors (FIIs) were net sellers and the domestic institutional investors (DIIs) were net buyers.
FIIs sold stocks worth Rs 250.23 crore while the DIIs bought stocks to the tune of Rs 1,225.24 crore.