Sensex Opens Little Changed
India’s BSE Sensex was largely unchanged at 74,361 on Thursday, after gaining in the previous session, as a weaker rupee, elevated oil prices and caution over the Federal Reserve’s policy outlook weighed on sentiment. Investors balanced high oil prices against easing supply concerns after Saudi Arabia offered additional cargoes. The rupee remained under pressure, with traders watching the 96-per-dollar level as high oil prices and foreign outflows weighed on the currency. Investors also assessed the Fed’s first rate hike in more than three years, to 3.75%-4.00%, with another increase signalled for later this year. The $2.3 billion National Stock Exchange IPO opened Thursday at 1,700-1,785 rupees per share, valuing the exchange at about $46 billion. Information technology stocks fell about 0.4% on concerns over softer US demand for Indian software services. eMudhra (-1.8%) and PB Fintech (-4.3%) fell, while Pine Labs (2.2%) and Netweb (0.3%) gained.
India’s BSE Sensex was largely unchanged at 74,361 on Thursday, after gaining in the previous session, as a weaker rupee, elevated oil prices and caution over the Federal Reserve’s policy outlook weighed on sentiment. Investors balanced high oil prices against easing supply concerns after Saudi Arabia offered additional cargoes. The rupee remained under pressure, with traders watching the 96-per-dollar level as high oil prices and foreign outflows weighed on the currency. 00%, with another increase signalled for later this year.
3 billion National Stock Exchange IPO opened Thursday at 1,700-1,785 rupees per share, valuing the exchange at about $46 billion. 4% on concerns over softer US demand for Indian software services. 3%) gained.