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Sensex opens in red, declines 117 points in early trade; rupee hits new low

Due to losses in consumer goods, technology and bank stocks, the BSE Sensex declined 117 points to 54,404 in opening deals while the NSE Nifty lost 29 points to 16,250. Among the gainers on the Sensex pack were Tata Steel, Sun Pharma, Bharti Airtel, NTPC, Reliance, Ultratech Cement, PowerGrid and Dr Reddy's.

ET Now Digital

Updated Jul 19, 2022, 10:01 IST

New Delhi: Domestic benchmark indices opened in red on Tuesday tracking cues from the stocks in Asia, which mostly declined after an overnight slide on Wall Street. Oil prices also rose on Monday, bolstered by a weaker dollar.

Indian rupee fell past 80 versus US dollar for the first-time ever on Tuesday. It declined 7 paise to an all-time low of 80.05 against US dollar in early trade.

On the flipside, HCL Tech, Asian Paints, Tech M, TCS, Infosys, Bajaj Finserv, HUL, Nestle, Tata Consumer, HDFC Life and Britannia were the drags on the two indices, declining up to 1.5 per cent.

Shares of Alok Industries slipped nearly 5 per cent as the company reported total income of Rs 1992.02 crores during the period ended June 30, 2022 as compared to Rs 2031.44 crores during the period ended March 31, 2022.

NELCO zoomed 5 per cent after it reported a 7.8 per cent year-on-year growth in its net profit in Q1FY23.

The broader markets opened in green with the BSE MidCap and SmallCap indices gaining up to 0.14 per cent higher. On the sectoral front, Nifty auto, metals and pharma indices went against the negative market sentiment as they rose up to 0.6 per cent. Losses were reported in financials, FMCG and IT.

Meanwhile, Sensex closed 760 points or 1.41 per cent higher at 54,521 on Monday – its best closing level since June 9.

Oil prices

Oil prices extended gains on Monday, propped up by a weaker dollar and tight supplies that offset concerns about recession and the prospect of widespread Covid-19 lockdowns in China again reducing fuel demand.

Brent crude futures for September settlement rose $2.44, or 2.4 percent, to $103.60 a barrel, having advanced by 2.1 percent on Friday.

US West Texas Intermediate (WTI) crude futures for August delivery gained $2.17, or 2.2 percent, to $99.76 after rising by 1.9 percent in the previous session.

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