Mumbai, December 4:- A mixed trend was seen in the Indian stock market on December 4. After initial weakness, the market picked up momentum and managed to put a brake on the decline of the last four days. Both Nifty 50 and Sensex closed in the green. Buying in auto and IT stocks gave strength to the market.
It fluctuated in the initial minutes but later recovered. BSE Sensex closed at 85,265.32, up 158.51 points or 0.19%. 19 stocks of Sensex were seen trading in the upswing and 11 stocks in the downswing.
On the other hand, the National Stock Exchange (NSE) Nifty 50 also opened lower at 25,981. After the day's trading, the Nifty closed at 26,033.75, up 47.75 points or 0.18%.
Meanwhile, foreign investors continued their selling spree. They sold shares worth Rs 3,207 crore on Wednesday. In the last five sessions, foreign investors have sold Indian shares worth Rs 13,071.4 crore. Meanwhile, domestic institutional investors bought shares worth Rs 4,730.4 crore yesterday.
The rupee opened at a new record low on Thursday. The domestic currency fell 22 paise to open at 90.41 per dollar. The rupee crossed the psychological level of Rs 90 per dollar on Wednesday. Continued capital outflows, uncertainty over a trade deal with the US and strong demand for the dollar last week led to a sharp decline in the rupee.
Less intervention by the Reserve Bank of India (RBI) also fueled the decline in the currency market. The rupee has fallen more than 5% against the dollar this year, making it the worst-performing Asian currency. It took just 773 trading sessions to reach 80 to 90 per dollar.