Share market updates: Gift Nifty signals a negative start

Indian stock market, in its first-ever session of 2024 has anticipated a slow start, after a 20 percent growth rate in 2023 which gains a strong momentum by strong foreign investment inflows, domestic productive economic growth outlook, global easing interest rates and stable commodity rates of exchange.

Share market updates: Gift Nifty signals a negative start

The Nifty 50 index closed 0.22 percent lower at 21,731 points, previously. At the same time, the Sensex settled down at 0.23 percent at 72,240 points. On Monday morning, the NSE IX traded lower by 58 points, or 0.27 percent, at 21,776.50, indicating a lacklustre start on the first day of the new year.

The rupee appreciated to 4 paise to settle at 83.16 against the US dollar on the last day of 2023, facilitated by a weak greenback against major rivals overseas accompanied by huge foreign capital inflows in the wake of lower crude prices, it is predominantly taking cues from the upcoming moves in the dollar index.

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The primary stock market indices updates are showing unprecedented stagnation with the 30-share BSE Sensex dropping at 88.38 points, trading at 72,151.88, while the NSE Nifty fell by 4.10 points, reaching 21,727.30.

Indian government bond yield is expected to move in the 7.15-7.21 percent range after closing at 7.1754 percent in the last of 2023. A number of large and mid-sized banks raised their term deposit rates. The deposit rates are raised for the tenure of Rs2 crore, almost by 25-125bps points.

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Major gainers on the NSE at 12: Adani Enterprise [3.03 percent], Coal India[2.43 percent], Adani Ports [2.06 percent], UPL [1.84 percent], Tata Motors [1.52 percent]. Stocks that advanced on BSE were 2,594 against 1,133 stocks that declined, and 185 stocks remain unchanged. The total number of stocks that traded was 3,912.

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