Markets give up early gains amid weak global trends


PTI, Aug 27, 2024, 10:14 AM IST

Mumbai: Stock market benchmark indices began the trade on a positive note on Tuesday but failed to carry forward the winning momentum due to the emergence of profit-taking amid weak trends in global equities in view of rising geopolitical tensions in the Middle East and Ukraine.

The 30-share BSE Sensex climbed 117.63 points to 81,815.74 in early trade. The NSE Nifty went up by 27.1 points to 25,037.70.

However, later both the benchmark indices faced profit-taking after a continuous rally and were trading lower. The Sensex quoted 63.59 points lower at 81,626.12, while the Nifty traded 25.60 points down at 24,982.25.

Among the 30 Sensex firms, HCL Technologies, Power Grid, Bajaj Finserv, Larsen & Toubro, Nestle and UltraTech Cement were the biggest gainers.

Kotak Mahindra Bank, JSW Steel, Bharti Airtel and Asian Paints were among the laggards.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading lower. The US markets ended mostly lower on Monday.

“There are both headwinds and tailwinds for the market now. Headwinds are coming from the escalation of geopolitical tensions in the Middle East and Ukraine. Brent crude has shot up above $81. The strongest tailwind comes from the expected rate cuts by the Fed which will spill over to other central banks including the RBI,” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Foreign Institutional Investors (FIIs) bought equities worth Rs 483.36 crore on Monday, according to exchange data.

Global oil benchmark Brent crude dipped 0.29 per cent to USD 81.19 a barrel.

Rising for the fifth straight day on Monday, the BSE benchmark Sensex jumped 611.90 points or 0.75 per cent to settle at 81,698.11. The Nifty soared 187.45 points or 0.76 per cent to 25,010.60, registering gains for the eighth session in a row.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

India’s Martina Devi clinches silver at Asian Junior Weightlifting Championships

U’khand: 3 killed, 24 injured as bus falls into gorge in Bhimtal

Man tries to immolate self near parliament, taken to hospital

SC restrains ED from accessing seized electronic devices of ‘lottery king’ Santiago Martin

16-year-old girl gang-raped in UP’s Ballia, both accused arrested

Actor Allu Arjun, makers of ‘Pushpa’ announce Rs 2 crore financial aid for family of stampede victim

Three arrested for throwing egg on BJP MLA Munirathna in Bengaluru

Related Articles More

FPI inflows into Indian equities drop sharply in 2024; rebound anticipated in 2025

Rewind 2024: Mutual fund industry on a high; asset surges Rs 17 lakh crore this year

Epigamia founder Rohan Mirchandani dies of cardiac arrest at age 42

Lohia Auto launches EV brand ‘Youdha’, aims to sell 3 lakh vehicles by 2027

“FM ji FM ji, itna tax main kaise bharun”, asks investor Vijay Kedia in viral post

MUST WATCH

Tulunadu Daivaradane

Feeding Birds with Creative Paddy Art!

Areca Nut

HOTEL SRI DURGA BHAVANA

Harish Poonja


Latest Additions

Woman dies by suicide after killing her two children in Kolar

Man hacked to death for opposing drug abuse in Kerala

India’s Martina Devi clinches silver at Asian Junior Weightlifting Championships

Three fake policemen arrested for extorting money through honey trap in Delhi

U’khand: 3 killed, 24 injured as bus falls into gorge in Bhimtal

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.