Sensex falls 126 points, Nifty drops by 36 points in early trade
- The Sensex fell 126.78 points to 55,270.75, the Nifty dropped 36.95 points to 16,483.90
- The rupee fell 1 paisa to an all-time low of 80.06 against the US dollar
- Brent crude fell 0.66% to USD 106.22 a barrel
Stock indices dipped in early trade on Thursday, tracking negative patterns in most Asian markets, but rebounded later and were trading in the green.
In early trade, the BSE Sensex fell 126.78 points to 55,270.75. The NSE Nifty dropped 36.95 points to 16,483.90.
However, markets eventually rebounded, and Sensex was up 56.67 points at 55,454.20, while Nifty was up 22.50 points at 16,543.35.
Wipro, Kotak Mahindra Bank, Reliance Industries, Tech Mahindra, Infosys, and Asian Paints were the main laggards in early trade among Sensex participants.
Among the companies trading in the green were IndusInd Bank, ITC, Bharti Airtel, Axis Bank, and Hindustan Unilever.
On Wednesday, the Sensex rose 629.91 points, or 1.15%, to 55,397.53. The Nifty rose 180.30 points, or 1.10%, to 16,520.85.
According to exchange statistics, foreign institutional investors were net purchasers on Wednesday, purchasing shares worth Rs 1,780.94 crore.
"FIIs have turned net buyers of local shares to the tune of Rs 1,781 crore on Wednesday, extending the buying momentum for the third straight session," said Prashanth Tapse, Vice President (Research), Mehta Equities Ltd.
Meanwhile, Brent crude, the international oil benchmark, fell 0.66% to USD 106.22 a barrel. The rupee fell 1 paisa to an all-time low of 80.06 against the US dollar in early trade on Thursday, owing to dollar demand from oil importers and firm crude oil prices.