Stock Market Today, May 7, Highlights: BSE Sensex dropped 114 points or 0.15 per cent to close at 77,844.52, while the NSE Nifty declined 4.30 points or 0.02 per cent to end at 24,326.65, respectively.
Stock Market Today Highlights
Indian rupee ended up 0.4 per cent at 94.25 per US dollar against the previous close of 94.61.
Dilip Parmar – Senior Research Analyst, HDFC Securities, said,”Bolstered by a rally in Asian peers, the Indian rupee strengthened for the second day. The greenback’s safe-haven appeal took a hit as softening crude prices—driven by expectations of a diplomatic breakthrough between Washington and Tehran—eased inflationary concerns. Additionally, the local currency found support through active short covering and healthy dollar inflows via domestic banks. In the near term, spot USDINR faces immediate support at 93.87 and resistance at 94.60.”
