The rupee gained 53 paise to close at 94.38 against the US dollar on Wednesday, October 21, while Indian equities weakened. Stocks surrendered their opening gains while Brent crude traded above $110 a barrel.
Key Takeaways
- The rupee gained 53 paise to close at 94.38 against the US dollar on Wednesday.
- Foreign portfolio investors and domestic institutions were net equity buyers despite the benchmarks’ lower close.
- India VIX rose 6% to 15.68, while early Thursday GIFT Nifty trading pointed to a weaker opening.
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Institutional equity flows were also positive on Wednesday. Foreign portfolio investors bought a net Rs 1,022 crore of shares, while domestic institutional investors were net buyers of Rs 1,614 crore.
Equities lose early gains as volatility increases
The positive institutional flows did not prevent a negative finish for benchmark indices. Stocks opened higher and initially extended their advance, but selling pressure developed through the session as crude prices rose.
India VIX, the market’s volatility gauge, increased 6% to settle at 15.68. In early Thursday trading, GIFT Nifty traded at 22,690, down 38.5 points, or 0.17%. That reading was an opening indication rather than a completed-session result.
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