Stock Market Today: Sensex, Nifty End Lower; FPIs Remain Net Buyers
The Nifty ended lower by 96.40 points or 0.46% at 20,900.70 and the Sensex lost 365.02 points or 0.52% to close at 69,563.51
KEY HIGHLIGHTS
FPIs Remain Net Buyers For The Third Straight Day
Overseas investors stay net buyers for the third consecutive day of Indian equities on Tuesday.
Foreign portfolio investors mopped stocks worth Rs 76.86 crore, according to provisional data from the National Stock Exchange.
Domestic institutional investors turned net buyers and mopped up equities worth 1,923.32 crore, the NSE data showed.
Foreign institutions have been net buyers of Rs 136343 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 closed 91 points or 0.43% lower at 20,906.40, while the S&P BSE Sensex was 378 points or 0.54% down at 69,551.03.
Yield On The 10-Year Bond Ends Flat
The yield on the 10-year bond closed flat at 7.27% on Tuesday.
Source: Bloomberg
Rupee Flat Against The U.S. Dollar
The local currency closed flat at 83.39 against the U.S dollar on Tuesday.
Source: Bloomberg
Sensex, Nifty End Lower As Investors Take Stock After Record Highs: Closing Bell
Benchmark indices snapped their two-day rally and closed lower due to losses in the shares of heavyweights Reliance Industries, HDFC Bank, and Infosys.
Intraday, the Nifty 50 index hit a fresh intraday high of 21,037.90 points and the Sensex crossed the crucial 70,000 level in the second consecutive session.
The Nifty ended lower by 96.40 points or 0.46% at 20,900.70 while the Sensex lost 365.02 points or 0.52% to close at 69,563.51.
"While the Sensex reaching 70,000 is a significant milestone, it's important to remember that investing is a long-term journey," said Nitin Rao, CEO of InCred Wealth in a note.
He added, "Resist chasing short-term gains and avoid investing based on emotions. Resist the urge to make impulsive decisions based on market noise. Stick to your investment plan and avoid making emotional trades. Don't be lured by stocks with attractive prices but lack underlying strength. Always prioritize companies with strong financials and long-term prospects."
Global Cues
Globally, indices were higher ahead of the realease of U.S. inflation data inflation data due later in the day. Most European markets opened higher after year-on-year UK wage growth for the three months ending October was slower than expected.
Indices in Asia also closed higher led by Hong Kong's Hang Seng, as investors await decisions from a meeting of Chinese economic policymakers that may indicate how much stimulus to expect next year.
HDFC Bank Ltd., Reliance Industries Ltd., Larsen & Toubro Ltd., Infosys Ltd., and Kotak Mahindra Bank Ltd., dragged the index lower.
Meanwhile, Axis Bank Ltd., HDFC Life Insurance Co. Ltd., Tata Consultancy Services Ltd., UltraTech Cement Ltd., and Bajaj Auto Ltd., cushioned the fall.
All sectoral indices fell except Nifty Media and Nifty Metal. Nifty PSU Bank ended flat. Nifty Realty, Nifty Energy, and Nifty Oil & Gas ended over 1% lower.
The broader markets also fell with the BSE MidCap falling 0.4%, and the BSE SmallCap was 0.27% lower. Three out of the 20 sectors compiled by the BSE advanced, while 17 declined.
The market breadth was skewed in the favour of sellers. As many as 2,035 stocks declined, 1,753 advanced and 117 remained unchanged on the BSE.
SpiceJet Q2 FY24 Highlights (YoY)
Net loss of Rs 449.4 crore vs loss of Rs 833.2 crore YoY
Revenue down 26.9% at 1428.8 crore vs Rs 1954.5 crore YoY
Ebitda loss of Rs 443.4 crore vs loss of Rs 555.3 crore YoY
