Indian Stock Market Snaps Rally; Currency also declines
Indian stock market closed a percent lower on Thursday as investors booked profit after few days of rally. The market was in corrective mood yesterday as well, but somehow managed to close flat by the end of trading session. However, today BSE Sensex was down by 215 points to close at 19781 while NSE Nifty closed 62 points lower.
Tata Power, IDFC, ITC and GAIL were among major gainers today. JP Associates lost 11.6% today. IndusInd Bank, BHEL and Tata Steel were among major gainers, losing over four percent.
Indian currency also witnessed decline compared to USD by the afternoon session. Indian rupee touched high of Rs 62.91 against USD in morning trade. However, it lost ground and witnessed decline to 63.82.
Gold in Mumbai market was down by nearly a percent at Rs 30,350 per 10 grams. Gold prices have also lost in recent trading sessions in the international market leading to reports that the yellow metal could go under $1300 per ounce.
Meanwhile, Godrej Properties rights issue has been fully-subscribed. The company raised Rs 700 crore by issuing shares under rights issue for Rs 325 per share.