Stock Market Today: GIFT Nifty on the NSE IX traded 8 points higher at 19491, indicating that Dalal Street will likely open Thursday with little activity. Today’s session concluded with Nifty down 93 points, forming a Dragonfly Doji candlestick pattern that portends a likely relief bounce from the current levels. The benchmark 30-share BSE Sensex fell 286 points to close at 65,226. The more inclusive NSE Nifty fell 93 points, or 0.47%, to close at 19,436. Shares dropped to a level not seen in almost a month.
Rupee falls; Tokyo stocks opened higher
As a result of persistent foreign money outflows and a sluggish trend in domestic stocks, the rupee lost 4 paise on Wednesday to conclude the day at 83.24 against the US dollar. Following Wall Street’s gains after US Treasury yields declined, Tokyo markets began higher on Thursday, recovering from prior losses to outperform Wall Street. The broad Topix index increased 0.53 percent, or 11.75 points, to 2,230.64 while the benchmark Nikkei 225 index gained 0.37 percent, or 111.60 points, in early trade.
Stock Market Today: Foreigners continue to reduce stake in HDFC Bank
According to Nuvama Institutional Equities, which examined the bank’s shareholding structure for the September quarter, foreign institutional investors now possess a 59 percent stake in HDFC Bank, leaving a headroom of around 20 percent. Before the stock’s weight to double on the MSCI index, there is still some work to be done. According to the statement, the headroom has increased from 18.3 percent in June 2023, when FIIs owned 60.3%. The amount of shares that are still accessible to foreign investors relative to the maximum permitted is known as “foreign room.” The current cap on foreign investment in privately held banks is 74%.
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