Stock Market Today: Sensex, Nifty Close Flat; FPIs Turn Net Buyers
The S&P BSE Sensex ended down by 5.43 points to 66,017.81, while the NSE Nifty 50 fell 9.85 to close at 19802 points.
KEY HIGHLIGHTS
FPIs Turn Net Buyers
Overseas investors turn net buyers on Thursday after being net sellers for four consecutive sessions.
Foreign portfolio investors bought stocks worth Rs 255.53 crore, according to provisional data from the National Stock Exchange.
Domestic institutional investors continued as buyers and purchased stocks worth Rs 457.39 crore, the NSE data showed.
Foreign institutions have been net buyers of Rs 94,916 crore worth of Indian equities so far in 2023, according to data from the National Securities Depository Ltd., updated till the previous trading day.
Yield On The 10-Year Bond Ends Flat
The yield on the 10-year bond closed flat at 7.26% on Thursday.
Source: Bloomberg
Rupee Weakens Against The U.S. Dollar
The local currency weakened 2 paise to close at 83.34 against the U.S dollar on Thursday.
It closed at 83.32 on Wednesday.
Source: Bloomberg
Sensex, Nifty Close Flat After Shedding Early Gains: Closing Bell
Benchmark Indices ended negative with little change from Wednesday's close, snapping two consecutive days of gains.
The S&P BSE Sensex ended down by 5.43 points to 66,017.81, while the NSE Nifty 50 fell 9.85 to close at 19802 points. The Nifty 50 hit its highest intraday level in five days at 19,875.15 points.
The losses in shares of Cipla and Larsen Toubro nullified the gains HDFC Bank and Reliance Industries, which led to the initial gains in the market.
"On intraday charts, the index is continuously taking resistance near 19,850 to 66,150, while on the downside, it has formed a higher bottom formation near 19,670 to 65,650," according to Shrikant Chouhan, Head Equity Research, Kotak Securities.
"Our view is that, as long as the index is trading above 19,670 to 65,650, the positive sentiment is likely to continue," he added.
Here's how Indian benchmark indices fared on Thursday:
Cipla Ltd., Larsen & Toubro Ltd., Infosys Ltd., TCS Ltd., and UltraTech Cement Ltd. were negatively adding to the change in the Nifty 50 Index.
Whereas, HDFC Bank Ltd., Bharti Airtel Ltd., Bajaj Auto Ltd., Hero Motocorp Ltd., and Reliance Industries Ltd. were positively contributing to the change.
While Nifty Pharma declined the most along with Nifty IT, Nifty Realty rose by 1.03%, while other major indices ended on a positive note.
As both Nifty and Bank Nifty remain rangebound, lacking clear confirmation of a definitive trend, and investors are advised to closely monitor sectors exhibiting resilience, said Ameya Ranadive Research Analyst at Choice Broking.
"Notable sectors to watch include Nifty IT, Nifty Energy, and Nifty Auto, which may present lucrative opportunities amid the current market dynamics."
The market breadth was skewed in the favour of buyers. About 2074 stocks advanced, 1631 declined, and 139 remained unchanged on the BSE.
Sugar Stocks Up In Trade
