Stock Market Today: Sensex, Nifty End On Fresh High On Fed Pivot Signal; FPIs Remain Net Buyers
Catch the latest updates on the Indian stock market here.
KEY HIGHLIGHTS
RIL Has 35 Lakh Shares Change Hands In Two Large Trades
Lupin Opens New Regional Reference Lab In Chennai
Shree Cement Commissions 11,500 Tons Per Day Capacity At Nawalgarh Plant
Zydus Lifesciences Gets Final U.S. FDA Approval For Cyclophosphamide Capsules
Bharat Forge GDRs To Delist From Luxembourg Stock Exchange Effective Jan 15
FPIs Remain Net Buyers For The Fifth Straight Day
Overseas investors stay net buyers for the fifth consecutive day of Indian equities on Thursday.
Foreign portfolio investors mopped stocks worth Rs 3,570.07 crore, according to provisional data from the National Stock Exchange.
Domestic institutional investors turned net buyers and bought equities worth 553.17 crore, the NSE data showed.
Foreign institutions have been net buyers of Rs 144232 crore worth of Indian equities so far in 2023, according to data from the National Securities Depository Ltd., updated till the previous trading day.
The NSE Nifty 50 was 256 points or 1.23%, higher at 21,182.70, while the S&P BSE Sensex was 930 points or 1.34%, up at 70,514.20.
Yield On The 10-Year Bond Ends Lower
The yield on the 10-year bond closed 6 bps lower at 7.20% on Thursday.
Source: Bloomberg
Rupee strengthens Against The U.S. Dollar
The local currency strengthened 7 paise to close at 83.33 against the U.S dollar on Thursday.
On Wednesday it depreciated nearly 2 paise to close at all time weakest level of 83.402.
Source: Cogencis
Sensex, Nifty End On Fresh High On Fed Pivot Signal: Closing Bell
Benchmark indices resumed their uptrend as the U.S. Federal Reserve, in its Wednesday's meeting raised hopes of a interest rate cut next year.
Both the Nifty 50 and the Sensex hit their fresh lifetime highs of 21,210.90 points and 70602.89 points.
Both the indices recorded their highest closing levels as well. The Nifty 50 jumped 256.35 points or 1.23% to close at 21,182.70 and the Sensex was up by 929.60 points or 1.34% to close at 70,514.20 points.
"A bullish candle on daily charts and uptrend continuation formation on intraday charts supports further uptrend from the current levels," said Shrikant Chouhan, head of equity research at Kotak Securities.
He added, "However, momentum indicators indicating the current texture is overbought and we could see one quick intraday correction from the current levels. "
"With India continuing to post strong growth numbers and hopes of rate cut expected in the middle of next year, optimism in equity markets could continue in the medium term,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.
Shares of Infosys Ltd., HDFC Bank Ltd., ICICI Bank Ltd., Reliance Industries Ltd., and Tata Consultancy Services Ltd., contributed the most to the gains.
Meanwhile, those of Power Grid Corp Of India Ltd., HDFC Life Insurance Co. Ltd, Nestle India Ltd., Cipla Ltd., and JSW Steel Ltd. capped the upside.
The broader markets underperformed with the BSE MidCap rose 1.06%, while the BSE SmallCap was 0.62% higher. Nineteen out of the 20 sectors compiled by the BSE advanced, while BSE Consumer Durables declined.
The market breadth was skewed in the favour of buyers. About 2,064 stocks advanced, 1703 declined and 125 were unchanged.
RIL Has 35 Lakh Shares Change Hands In Two Large Trades
35 lakh shares changed hands in two large trades
0.1% equity changed hands at price range of Rs 2,470 to Rs 2,470.40 apiece
Buyers and sellers not known immediately
Source: Bloomberg
