Market Wrap-Up: Last Week Market At A Glance

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  • Market Wrap-Up: Last Week Market At A Glance

In a day marked by fluctuations and mixed sentiments, the Indian stock market closed with a slight fall on February 23, 2024. The morning had started on a positive note with both the Sensex and Nifty opening higher, only to witness a later decline. Let’s delve into the key highlights of the day and understand the factors influencing the market movement.

Market Indices Overview

The Sensex fell by 15.44 points or 0.02 percent, concluding the day at 73,142.80. Similarly, Nifty slipped 20.10 points or 0.09 percent, settling at 22,197.35. Despite the initial surge, the indices couldn’t sustain the momentum, and both ended the day in negative territory.

Top Performers and Underperformers

Among the Sensex stocks, losers included HCLTech, Asian Paints, Maruti, JSW Steel, TCS, SBI, ITC, and Bharti Airtel. Conversely, Bajaj Finserv, Mahindra & Mahindra, Titan, L&T, and Wipro stood as the gainers for the day.

Jio Financial, a subsidiary of Reliance Industries, marked a notable uptick, closing with a significant rise of 14.5%, showcasing resilience amid the broader market trend.

Global Market Scenario

The global market remained largely bullish, buoyed by strong gains in US markets overnight. The Shanghai Composite Index rose by 0.6%, while Hong Kong’s Hang Seng maintained stability. Tokyo markets were closed due to holidays, contributing to a quieter Asian trading session.

In Europe, Germany’s DAX, CAC 40 in Paris, and FTSE 100 in London experienced positive movements, rising by up to 0.1%. However, foreign portfolio investors (FPIs) showed a cautious stance, selling securities worth Rs 1,410.05 crore on Thursday.

Rupee’s Fluctuations

The Indian rupee witnessed a fall of 8 paise against the dollar, closing at 82.93 (provisional) in the interbank foreign exchange market. The day saw limited fluctuations, with an intra-day high of 82.84 and a low of 82.96 against the American currency. This depreciation in the rupee comes after it closed at 82.85 against the US dollar on the preceding Thursday.

While the Indian stock market faced a minor setback on February 23, 2024, amid global optimism, it is essential for investors to remain vigilant and adapt to the dynamic nature of financial markets. The interplay of domestic and international factors continues to shape market trends, emphasizing the need for a well-informed and strategic approach to investment. As we move forward, the resilience of certain stocks, such as Jio Financial, indicates that opportunities persist even in the face of market uncertainties.

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