Stock Market Today: Sensex, Nifty End Lower For Second Day As HDFC Bank, Infosys, RIL Weigh
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KEY HIGHLIGHTS
FPIs Turn Net Sellers After A Day
Overseas investors turned net sellers of Indian equities on Wednesday.
Foreign portfolio investors offloaded stocks worth Rs 666.3 crore, according to provisional data from the National Stock Exchange.
Domestic institutional investors remained net sellers and sold equities worth Rs 862.9 crore, the NSE data showed.
India received the highest-ever foreign portfolio inflows in 2023 and surpassed emerging market peers, amid global volatility and valuation concerns.
The BSE Sensex ended 0.75%, or 535.88 points, lower at 71,356.60, while the NSE Nifty 50 declined 0.69%, or 148.45 points, to close at 21,517.35.
Yield On The 10-Year Bond Ends Flat
The yield on the 10-year bond closed flat at 7.22% on Wednesday.
Source: Bloomberg
All Adani Group Stocks Ended In Green
Adani Group stocks added as much as Rs 1.18 lakh crore in investor wealth, taking their total market capitalisation to Rs 15.62 lakh crore, intraday.
At 3:30, the shares added Rs 63,703 crore in market value taking the capitalisation to Rs 15.08 lakh crore.
Rupee Strengthens Against The U.S. Dollar
The local currency strengthened 3 paise to close at 83.29 against the U.S dollar on Wednesday.
It closed at 83.32 on Tuesday.
Source: Bloomberg
Sensex, Nifty End Lower For Second Day As HDFC Bank, Infosys Weigh: Market Wrap
India's benchmark stock indices ended lower for a second day in a row on Wednesday as HDFC Bank Ltd, Infosys Ltd, and Reliance Industries Ltd weighed.
The BSE Sensex ended 0.75% or 535.88 points down at 71,356.60, while the NSE Nifty 50 settled 0.69% or 148.45 points down at 21,517.35.
Intraday, the benchmark S&P BSE Sensex declined 0.82% 0r 588.51 points to 71,303.97, while the NSE Nifty 50 fell 0.76% or 165.45 points to 21,500.35
"On last Wednesday, the benchmark indices continued profit booking, the nifty ends 148 points lower while the Sensex was down by 536 points. Among Sectors, despite weak momentum Reality and PSU Banks outperformed, both indices rallied over 1 percent. Whereas IT index was the top looser, shed over 2 percent. Technically, post-muted opening the nifty/Sensex breached the important support level of 21600/71500 and post breakdown it intensified selling pressure," said Shrikant Chouhan, head, equity research at Kotak Securities
"We are of the view that, as long as the index is trading below 21600/71500 the weak sentiment is likely to continue. Below the same, market could slip till 21450-21400/71000-70900. On the flip side, technical bounce back possible only after dismissal of 21600/71500. Above 21600/71500 the market could move up till 21650- 21680/71750-71950. For traders, the current market texture is volatile hence; level based trading would be the ideal strategy for the day traders," he added
HDFC Bank Ltd, Infosys Ltd, Reliance Industries Ltd, Tata Consultancy Services Ltd, and Hindalco Industries weighed on indices.
ITC Ltd, Bajaj Auto Ltd, Bharti Airtel Ltd, Adani Enterprises Ltd and IndusInd Bank added positively to the indices.
The broader markets outperformed benchmark indices. The S&P BSE Smallcap Index rose 0.30%, whereas S&P BSE MidCap Index was 0.20% higher. Around six out of 20 sectors compiled by BSE declined, while 14 sectors advanced. S&P BSE Metal and IT sectors declined the most among sectoral indices.
Sectoral indices ended on a mixed note on NSE. Around five sectoral indices declined with the Nifty IT emerging as the top loser, while six sectors advanced, and one remained little unchanged out of 12 sectors.
The market breadth was skewed in favour of the buyers. About 2201 stocks advanced, 1635 stocks declined, and 109 remained unchanged on the BSE.
