Indian equities

Meanwhile, an interesting development is taking place in the global currency market. There has been a significant jump in the demand for Yuan arising from short-circuiting the sanctions in place by corporates in select jurisdictions who have been utilizing multitude of non-dollar currencies to procure crude and other commodities viz. coal through striking deals in Renminbi/HKD/AED pairs at discounted rates, SBI Ecowrap report said.

At the interbank foreign exchange market, rupee ended at 79.64, after opening strong at 79.2225 from its previous close of 79.52. The Brent crude oil prices in the international market has risen sharply and at the close of Indian market hours, it was $98.39 a barrel, up 1.02 per cent. The rupee appreciated in the early trade after the US inflation data for July came in below the estimates, raising hopes that the Federal Reserve may not be that aggressive in hiking interest rates in its next meeting.

At close, Sensex ended up 515.31 points or 0.88 per cent at 59,332.60, while Nifty ended 124.25 points or 0.71 per cent higher at 17,659.00. On the BSE, 1,843 shares advanced, 1,548 declined while 144 remained unchanged. Axis Bank, Bajaj Finance, HDFC, Tech Mahindra and TCS were the top gainers on the BSE on Thursday. The BSE smallCap rose 0.83 per cent, midcap was up 0.52 per cent, while largecap rose 0.75 per cent.

At close, Sensex ended down 35.78 points or 0.06 per cent at 58,817.29, while Nifty closed up 9.65 points or 0.06 per cent. About 1,538 shares advanced, 1,864 shares declined, while 122 remained unchanged on Wednesday. Bajaj Finance, NTPC, ONGC, HCL Technologies and Adani Ports were among the major losers. BSE midcap and smallcap indices ended on flat note.

The total net inflow for the mutual fund industry as a whole last month was Rs 23,604.92 crore as against a net outflow of Rs 69,852.94 crore in June 2022, said AMFI. According to AMFI, the net inflows for equity mutual funds last month was Rs 8,898.25 crore down from Rs 15,497.76 crore logged in June 2022.

At close, Sensex ended up 89.13 points or 0.15 per cent at 58,387.93, while Nifty ended 15.50 points or 0.09 per cent higher at 17,397.50. Nearly 1,862 shares advanced, 1,490 shares declined and 157 shares remained unchanged on Friday. The IT and Telecom index gained the most on the BSE, while IT and FMCG added to the gains on the NSE.

At close, Sensex ended down 51.73 points or 0.09 per cent at 58,298.80, while Nifty ended lower by 6.15 points or 0.04 per cent at 17,382.00. Both the indices were trading in green in the early trade due to gains in information technology stocks, but turned negative in the latter part of the day. State Bank of India, Axis Bank, Kotak Mahindra Bank, among others, were the top losers on Sensex on Thursday.

At the interbank foreign exchange market, the rupee opened at 79.21 and then fell to 79.46 against the US dollar. The rupee ended at 79.16 against the dollar on Wednesday. Market participants said that most traders remained cautious ahead of the Reserve Bank of India's (RBI) monetary policy due on Friday. "Rupee dragged lower below 79.75 as volatility increased in the market on the back of geopolitical issues which may arise between US-China conflict over Taiwan.

"Rupee traded very weak near 79.25 - a fall of more than 0.50 points as the dollar index rose above 106$ on back of US China geopolitical issues with regards to Taiwan. Also India's trade deficit widened to an all time high, sending signals on imbalance of trade, guiding rupee weaker to the dollar," said Jateen Trivedi, VP Research Analyst at LKP Securities.

At close, Sensex ended 214.17 points or 0.37 per cent up at 58,350.53, while Nifty was up 42.70 points or 0.29 per cent at 17,388.15. The IT Index ended with a gain of 1.3 per cent, with Tech Mahindra, Infosys and TCS being the major contributors to the surge. Tech Mahindra, TCS, Infosys and Asian Paints were among the major gainers in Nifty on Wednesday.