Stock Market Today: Sensex, Nifty End At Record High For A Third Day; FPIs Turn Net Sellers
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KEY HIGHLIGHTS
Indian Markets Trade Near Day's High
European Markets Trade Higher
Nifty, Sensex Continue Rally As ITC, RIL, Infosys Lead: Midday Market Update
Sterling & Wilson Hit Upper Circuit Of 4.99% As Media Report Says It's Likely To Use QIP Process
SBI Shares Rise As Bank Proposes To Acquire 20% Stake In SBI Pension Fund
FPIs Turn Net Sellers
Overseas investors turned net sellers on Wednesday after staying net buyers for eighth consecutive sessions.
Foreign portfolio investors sold stocks worth Rs 79.88 crore, according to provisional data from the National Stock Exchange.
Domestic institutional investors turned net buyers after one session of selling and bought stocks worth Rs 1,372.18 crore, the NSE data showed.
Foreign institutions have been net buyers of Rs 1,31,731 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 7.25% on Wednesday.
Source: Bloomberg
Rupee Strengthened Against The U.S. Dollar
The local currency strengthens 6 paise to close at 83.33 against the U.S dollar on Wednesday.
It closed at 83.39 on Tuesday
Source: Cogencis
Sensex, Nifty End At Record High For A Third Day; Healthcare, Bank Sectors Declines
Indian benchmark indices ended at a record high for third consecutive day as ITC Ltd., Reliance Industries Ltd., Infosys Ltd., and Larsen & Toubro Ltd. gained
The NSE Nifty 50 ended 79.15 points, or 0.38% higher, at 20,934.25, , while the S&P BSE Sensex closed 357.59 points, or 0.52% higher at 69,653.73.
Today, Indian benchmark indices at record high level, and traded near fresh highs throughout the day.
The substantial buying from both FIIs and DIIs, as mentioned above, is expected to provide strong support for the market to move higher in the coming days, according to Mandar Bhojane, Research Analyst at Choice Broking.
The NSE Nifty Media, and Oil and Gas sectoral indices rose the most.The NSE Nifty Healthcare declined the most among sectorial indices.
Meanwhile, the Nifty Bank index rose as much as 0.53% and touched a life-time high level of 47,259.85. However, the index came off the record high and ended 0.38% up at 46,834.55.
"Bank Nifty after the breakout confirmation extended the gains further moving past the 47000 zone to make new high. Bank Nifty would have a daily range of 46700–47500 levels," said Vaishali Parekh, Vice President - Technical Research, Prabhudas Liladher.
Rise in ITC Ltd., Larsen & Toubro Ltd., Reliance Industries Ltd., Infosys Ltd., added positively to the benchmark indices.
Meanwhile, a decline in Bharti Airtel Ltd., NTPC Ltd., Adani Enterprises Ltd., Axis Bank Ltd., and ICICI Bank Ltd. weighed on the indices.
Nine out of 14 sectors advances while three declined. Nifty Media and Nifty IT rose the most.
The broader markets underperformed the S&P BSE MidCap Index was rose 0.17%, whereas S&P BSE SmallCap Index was 0.25% higher. Six out of 20 sectors compiled by BSE advanced, while 14 sectors declined.
The market breadth was split between buyers and sellers. 1930 stocks advanced while 1824 declined, and 141 remained unchanged on the BSE.
Indian Markets Trade Near Day's High
