Stock Market Today: Sensex, Nifty Consolidate After Record Run; FPIs Remain Net Buyers

Overseas investors stay net buyers for the second consecutive day of Indian equities on Monday

Foreign portfolio investors mopped stocks worth Rs 1,261.13 crore, according to provisional data from the National Stock Exchange.

Domestic institutional investors remained net sellers and off loaded equities worth 1,032.92 crore, the NSE data showed.

Foreign institutions have been net buyers of Rs 135471 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 S&P BSE Sensex closed 102.93 points, or 0.15% higher at 69,928.53, while the NSE Nifty 50 was up 27.70 points, or 0.13% at 20,997.10.

The yield on the 10-year bond closed flat at 7.28% on Monday.

Source: Bloomberg

The local currency closed flat at 83.39 against the U.S dollar on Monday. 

Source: Bloomberg

Benchmark indices closed higher in the second consecutive session after they had broken their seven-day gaining streak on Thursday.

Intraday, the Nifty 50 reclaimed the 21,000 level and the Sensex crossed 70,000 for the first time.

Both the indices closed at their record high levels. The Nifty ended higher by 27.70 points or 0.13% at 20,997.10 points while the Sensex gained 102.93 points or 0.15% to close at 69,928.53 points.

"Favorable corporate earnings cycle, stable policy environment and potential FPI flows could support markets in the medium term," said George Thomas, fund manager of equity at Quantum Mutual Fund.

"Investors should exercise caution in select pockets where stock performance have exceeded the earnings growth by a wide margin. Considering the favorable environment, investors are advised to stay invested in equities in line with their long-term asset allocation plan. A disciplined value fund would be an ideal choice at this point due to its favorable valuation relative to the broader markets and potentially ‘higher for longer’ global interest rate scenario," he added.

Shares of ITC Ltd., ICICI Bank Ltd., UltraTech Cement Ltd., Tech Mahindra Ltd., and Hindalco Industries Ltd. led the gains.

Meanwhile, those of Axis Bank Ltd., Dr. Reddy's Laboratories Ltd., Hindustan Unilever Ltd., Mahindra & Mahindra Ltd., and HDFC Bank Ltd., capped the upside.

Most sectoral indices gained. Nifty Pharma closed 0.9% lower, Nifty Oil & Gas ended lower by 0.2%, and Nifty Financial Services closed flat.

Nifty Metal, Nifty Media, and Nifty PSU Bank closed more than 1% higher.

The broader markets outperformed, with the BSE Midcap being 0.91% lower and the SmallCap Index declining 0.71%.

Two out of the 20 sectors compiled by the BSE fell, while eighteen advanced. BSE Healthcare and BSE Oil & Gas were the only sectoral indices that fell.

The market breadth was skewed in favour of buyers. As many as 2,392 stocks declined, 1,467 advanced and 176 remained unchanged.

Shares of Tube Investments of India Ltd. rose over 6% on Monday on hope the new mandate from the government for air-conditioned cabins for trucks may increase its sales prospects.

Ministry of Road, Transport, and Highways has issued a notification directing all N2 and N3 category trucks, produced from Oct. 1, 2025, need to have factory-fitted air conditioned cabin for drivers.

Tube Investments of India Ltd. is an engineering company which produces steel tubes, strips, automotive, and industrial chains.

The scrip rose as much as 6.65% to Rs 3,812 apiece, the highest level since Nov 22. It was trading 6.65% higher at Rs 3,812 apiece, as of 02:52 p.m. This compares to a 0.15%des advance in the NSE Nifty 50 Index.

It has risen 32.49% on a year-to-date basis. Total traded volume so far in the day stood at 1.6 times its 30-day average. The relative strength index was at 66.55.

Out of five analysts tracking the company, three maintain a 'buy' rating, one recommends a 'hold,' and one suggests 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an downside of 10.6%.