Stock Market : Nifty Bank hits record high at 50,500 mark
Indian benchmark indices Sensex and Nifty made a muted start on the last trading session of this week on a lower note. Sensex is trading 105.18 points, or 0.15 per cent lower at 74,927.54 while Nifty is trading 40.50 points, or 0.17 per cent lower at 22,713.75.
The sluggish start is attributed to hotter than expected US inflation that has eroded the possibility of monetary easing in the world’s largest economy. The US reported inflation at 3.5 percent, higher than Wall Street estimates of 3.4 per cent. The Federal Reserve has an inflation tolerance level of 2 per cent with the upper band limiting to 4 per cent.
The Indian rupee opened weaker at 83.36 vs Wednesday’s close of 83.18 against US dollar. The dollar, which measures American currency against a basket of six currencies, is up 0.08 per cent at 105.14.
International crude oil prices nudged higher on heightened tensions in the Middle East, where Iran has vowed to retaliate for a suspected Israeli air strike on its embassy in Syria. Brent crude futures climbed 52 cents, or 0.58%, to $90.26 a barrel, while U.S. West Texas Intermediate crude futures rose 62 cents, or 0.73%, to $85.64.
The Brent crude oil price has witnessed a rise in past few sessions and continues to trade near $90 a barrel mark.