Stock Market Today: Sensex, Nifty Close At Record High Led By RIL, NTPC, ICICI Bank; FPIs Turn Net Sellers
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KEY HIGHLIGHTS
FPIs Turn Net Sellers After Two Days
Overseas investors turned net sellers of Indian equities on Monday after two sessions of buying.
Foreign portfolio investors sold stocks worth Rs 564.1 crore, according to provisional data from the National Stock Exchange.
Domestic institutional investors remained net buyers for the second day and bought equities worth Rs 3,542.8 crore, the NSE data showed.
Foreign institutions have been net sellers of Rs 17,833 crore worth of Indian equities so far in 2024, 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 7.06% on Monday.
Source: Bloomberg
Sensex, Nifty Close At Record High Led By RIL, NTPC, ICICI Bank: Market Wrap
India's benchmark indices extended gains for fourth session to end at record high for third day in a row as index-heavy Reliance Industries Ltd., NTPC Ltd., and ICICI Bank rose.
The NSE Nifty 50 settled 27.20 points or 0.12% higher at 22,405.60, and the S&P BSE Sensex ended 66.14 points or 0.09% higher at 73,872.29.
Intraday, the NSE Nifty 50 rose 0.28% to fresh life high 22,440.90. The S&P BSE Sensex rose 0.25% to 73,990.13.
"The Nifty commenced the week with a consolidated move, resulting in the formation of a Doji candle on the daily chart. Despite this, the overall sentiment remains bullish. A decisive break above 22,440 is anticipated to intensify the momentum, targeting 22,700 on the upside. On the downside, support is established at 22,200, presenting buying opportunities on any pullbacks towards this level," said Kunal Shah, senior technical and derivative analyst, LKP Securities.
Reliance Industries Ltd., NTPC Ltd., ICICI Bank Ltd., Power Grid Corp of India Ltd., and Axis Bank Ltd. added to the index.
Infosys Ltd., Mahindra & Mahindra Ltd., ITC Ltd., Tata Consultancy Services Ltd., and JSW Steel Ltd limited gains in the index.
On NSE, six sectors out of 12 advanced, and six declined. The Nifty Oil & Gas sector was the best performing sector, and the Nifty Media sector was the worst performing sector.
Broader markets ended on a mixed note on BSE. The S&P BSE Midcap ended 0.16% higher, and the S&P BSE Smallcap settled 0.78% lower.
On BSE, ten sectors declined and ten ended higher. The S&P BSE Oil & Gas jumped the most.
Market breadth was skewed in favour of sellers. Around 2,525 stocks fell, 1,429 rose, and 131 stocks remained unchanged on BSE.
Rainbow Children Declines Over 8%, Becoming Top Dragger In Hospitals Stocks
The scrip fell as much as 8.43% to Rs 1,191 apiece, the lowest level since Feb 6. This is the fourth consecutive session in which the stock fell.
Wind Power Stocks Decline On Concerns Govt Mulling Over Reverse Auction
Wind energy stocks tumbled on Monday on fears tariffs would fall after a report suggested the government was weighing reverse auctions of wind capacity power.
Shares of Inox Wind Ltd. and Suzlon Energy Ltd. tanked nearly 5% following the report.
The Ministry of New and Renewable Energy is planning to bring back the old method of ‘reverse auctions’ for selling wind power capacity to energy companies given the undersubscription and higher tariff discovered in recent wind bids, local media reported as per reports.
