Indian Markets Extend Decline, IT and Financial Stocks Lead; Rupee Gains, Gold Prices Tick Up

3 Jan 2024 , 02:02 PM

India’s benchmark indices faced a second consecutive decline, driven by a downturn in global markets, with IT and financial stocks leading the fall.

As of the latest update, Sensex was trading at Rs 71,548, marking a 0.48% decrease from the previous close, while Nifty was at Rs 21,575, reflecting a 0.42% dip.

In early trade, the rupee strengthened by 3 paise against the US dollar, reaching 83.29. Nifty IT registered the most significant sectoral loss, dropping by 2%, while Nifty Metal saw a decline of over 1%.

Gold prices experienced an increase, supported by a weakening dollar, with investors awaiting the Federal Reserve’s meeting minutes and U.S. jobs data for insights into the interest rate outlook.

At the time of reporting, spot gold rose by 0.3% to $2,064.55 per ounce, while U.S. gold futures remained flat at $2,073.

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