Market starts on a volatile note; Rupee rebounds 19 paise to 72.20 against US dollar in opening tradehttps://indianexpress.com/article/business/market/market-starts-on-a-volatile-note-rupee-rebounds-19-paise-to-72-20-against-us-dollar-in-opening-trade-5964287/

Market starts on a volatile note; Rupee rebounds 19 paise to 72.20 against US dollar in opening trade

According to traders, besides heavy foreign fund outflow, continually rising fears of a global recession and the escalating trade war between the US and China kept market participants jittery.

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In the previous session on Tuesday, the BSE barometer ended 769.88 points, or 2.06 per cent, lower at 36,562.91, while the Nifty sank 225.35 points, or 2.04 per cent, to settle at 10,797.90.

Domestic equity market opened on a highly volatile note on Wednesday tracking heavy foreign fund outflow and mixed cues from global markets amid rising fears of an impending recession and escalation in US-China trade war.

After swinging over 200 points in the first 15 minutes of the session, the 30-share index was trading 11.13 points, or 0.03 per cent, lower at 36,551.78 at 0930 hours, while the broader Nifty slipped 4.50 points, or 0.04 per cent, to 10,793.40.

In the previous session on Tuesday, the BSE barometer ended 769.88 points, or 2.06 per cent, lower at 36,562.91, while the Nifty sank 225.35 points, or 2.04 per cent, to settle at 10,797.90.

Top losers in the Sensex pack in early trade on Wednesday included Sun Pharma, IndusInd Bank, Asian Paints, RIL, Maruti and Tata Motors, which fell up to 4 per cent.

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On the other hand, ITC, Bharti Airtel, SBI, PowerGrid, Hero MotoCorp, Vedanta and L&T rose up to 1.23 per cent.

On Tuesday, foreign portfolio investors sold shares worth a net of Rs 2,016.20 crore, while domestic institutional investors purchased shares worth Rs 1,251.35 crore, provisional data showed.

According to traders, besides heavy foreign fund outflow, continually rising fears of a global recession and the escalating trade war between the US and China kept market participants jittery.

Elsewhere in Asia, bourses in Shanghai, Hong Kong and Korea were trading on a positive note in their respective late morning sessions, while those in Japan were in the red.

On Wall Street, stock exchanges ended significantly lower on Tuesday.

Investor sentiment was also weak amid deceleration of economic growth due to fall in consumption and subdued manufacturing activity diminished the scope for a turnaround in the near-term, said Vinod Nair, Head of Research, Geojit Financial Services.

The rupee rebounded 19 paise to 72.20 against the US dollar in early trade on Wednesday, amid weakening of the American currency in overseas market.

The rupee on Tuesday had dropped sharply by 97 paise to more than nine-month low of 72.39 against the US dollar as heavy sell-off in the domestic equity market, weak macro environment and a stronger greenback kept investors edgy.

At the interbank foreign exchange on Wednesday, the rupee opened at 72.20, registering a rise of 19 paise over its previous close of 72.39.

The domestic unit could not hold on to the gains and was trading at 72.23 against the dollar at 1003 hrs.