Sensex closes 38 points lower despite initial gains, Rupee rises marginally from record lows

Although Sensex started the day with gains, it lost 38 points to close in the red for the fifth day in a row at 57,107 points, owing to volatility in the markets.Nifty hovered near the 17,000 even as its FMCG index gained 1.1 per cent, along with a positive performance by IT stocks. Foreign investors continued the sell off triggered by higher interest rates in the US, to offload Indian equities worth Rs 5100 crore.

Reports suggesting more marketing freedom for oil producers, elevated oil company stocks by almost 3 per cent. European markets held back during the day after early gains of 1.3 per cent at the start. Among Asian indices, Nikkei, Shanghai and Kospi clocked a composite increase of 1 per cent.

The rupee on the other hand made a marginal gain of 9 paise to close at 81.58 against the US dollar, but didn’t register a significant rise from record lows.