Sensex Trades Lower; Sun Pharma & Tata Steel Top Losers

Share markets in India are presently trading on a negative note. Sectoral indices are trading mixed with stocks in the healthcare sectormetal sector, and finance sector witnessing maximum selling pressure, while power stocks and oil & gas stocks are witnessing buying interest.

The BSE Sensex is trading down by 313 points (down 0.9%), while the NSE Nifty is trading down by 99 points (down 0.9%). The BSE Mid Cap index is trading down by 1.5% and the BSE Small Cap index is trading down by 0.9%.

The rupee is trading at Rs 71.31 against the US$.

The domestic currency weakened by 17 paise in early trade today amid foreign fund outflow and rising global crude prices.

As per an article in The Economic Times, the rupee swung back to become the second best performing emerging market currency this month as foreign fund flows surged amid equity and bond valuations turning attractive following a selloff.

Here's an excerpt from the article:

  • An interim budget that wasn't too extravagant ahead of the general election, coupled with the Reserve Bank of India's perceived increasing focus on growth are aiding the rupee's rise against the dollar after hitting its lowest ever in 2018.

In the news from the commodity space, oil prices rallied today amid US sanctions against Venezuela and Iran and supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC).

Brent crude futures recorded fresh 2019 highs on back of the above news. Brent pushed above $65 per barrel for the first time in 2019.

Reportedly, OPEC and some non-affiliated suppliers including Russia are withholding supply to tighten the market and prop up prices.

The producer group known as OPEC+ has agreed to cut crude output by 1.2 million barrels per day (bpd). Top exporter Saudi Arabia said it would cut even more in March than the deal called for.

Russia has also cut its oil production by 80,000-90,000 barrels per day from its level in October.

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