Indian markets fell sharply in the last trading session of the year but logged decent gain for the year. The Sensex fell 304 points to settle at 41,253.71
For the year, the benchmark index rose 14%. The broader Nifty declined 0.7% to 12,168.
For this year, Nifty is up about 12% while hitting new highs during the year.
“Markets witnessed some profit-booking today. Going ahead the positive momentum is likely to continue in the year 2020 and we expect Nifty to head higher towards our near term target of 12,400-12,450,” said Amit Shah, technical research analyst at Indiabulls Ventures Ltd.
“Nifty has an immediate support zone near 12,100 zone and dips should be utilised to build long positions.”
Despite large caps hitting new highs during year, the broader markets struggled during this year. But many analysts expect midcaps and small-caps to perform in 2020. “We expect the participation in quality midcaps to increase going forward given their significant underperformance and discount to larger peers,” said Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services.
Meanwhile the Indian rupee weakened against the US dollar yesterday, the last trading day of 2019 tracking losses in the local equity market.
The domestic currency closed at 71.38 a dollar down 0.09% against Monday’s close of 71.32. The Indian unit opened at 71.32 a dollar.
In the year so far, the rupee has weakened 2.25%. Foreign investors have bought nearly $14.51bn in Indian equities and $3.57bn in debt.
The 10-year government bond yield was at 6.555% against its previous close of 6.548%.
The benchmark equity index Sensex closed at 41,253.71, down 0.73% or 304.26 from previous close. Year to date, it gained 14.4%.
Asian currencies were trading higher. Thai baht gained 0.63%, Indonesian rupiah 0.43%, Malaysian ringgit 0.39%, China Offshore 0.36%, China renminbi 0.35%, Japanese yen 0.34%, Taiwan dollar 0.24%, Philippines peso 0.16%, Singapore dollar 0.23%, South Korean won 0.029% and Hong Kong dollar 0.015%.
The dollar index, which measures the US currency’s strength against a basket of major currencies, was at 96.186, down 0.26% from its previous close of 96.740.
from Gulf Times https://ift.tt/2QyQeVP
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