Stock Market Today: Sensex, Nifty Snap Three-Week Gaining Streak As HDFC, ICICI Bank Drag; FPIs Net Sellers
Sensex closed down 221 points, or 0.33%, at 66,009.15 while Nifty was 68 points or 0.34% higher at 19,674.25.
KEY HIGHLIGHTS
Rupee Strengthens Against The U.S. Dollar
Sensex, Nifty Snap Three Weeks Of Advances After Four Day Fall: Market Wrap
Lux Industries Says Income Tax Dept Is Conducting Survey At Its Unit
Bottom Line Pressures To Remain, Says Procter & Gamble India
Dhampur Sugar Mills CEO Anant Pande Tenders Resignation W.E.F. Sept. 21
FPIs Remain Net Sellers
Overseas investors remained net sellers of Indian equities on Friday for the fourth consecutive session.
Foreign portfolio investors offloaded stocks worth Rs 1,326.74 crore, according to provisional data from the National Stock Exchange.
Domestic institutional investors remained net buyers and mopped up equities worth Rs 801.27 crore, the NSE data showed.
Foreign institutions have been net buyers of Rs 1,25,123 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 Higher
The yield on the 10-year bond closed 3 bps higher at 7.19% on Friday.
Source: Bloomberg
Rupee Strengthens Against The U.S. Dollar
The local currency strengthened 15 paise to close at 82.94 against the U.S dollar on Friday.
It closed at 83.09 on Thursday.
Source: Bloomberg
Sensex, Nifty Snap Three Weeks Of Advances After Four Day Fall: Market Wrap
India's benchmark stock indices declined to end lower for the fourth day after swinging between gains and losses through Friday. Auto and PSU banking sectors rose in trade, whereas the pharma and healthcare sectors declined.
The headlines indices dropped after three weeks of advances, the steepest fall since the week ending Feb. 24, 2023.
The S&P BSE Sensex closed down 221 points, or 0.33%, at 66,009.15 while the NSE Nifty 50 was 68 points or 0.34% lower at 19,674.25.
European stocks declined and U.S. equity futures pared gains as the prospect that central banks will keep interest rates high to fight inflation hurt sentiment.
The Stoxx 600 Index fell 0.4%. In individual moves, Adevinta ASA soared after the European classifieds company said it received a takeover proposal from private equity investors including Blackstone Inc. and Permira.
The yen weakened after the Bank of Japan held interest rates, its 10-year yield target and forward guidance unchanged. In Asian stock trading, a region-wide equity index retraced early declines. Chinese shares rallied.
State Bank of India, Maruti Suzuki India Ltd., IndusInd Bank Ltd., Larsen & Toubro Ltd., and Mahindra & Mahindra Ltd. were positively adding to the change in the Nifty 50 Index.
Whereas, HDFC Bank Ltd., ICICI Bank Ltd., ITC Ltd., Reliance Industries Ltd., and Infosys Ltd. were negatively contributing to the change.
On a weekly basis, the headline indices snapped three weeks of advance. The S&P BSE Sensex fell 2.57% and NSE Nifty 50 was lower by 2.70%, this week. This is the steepest fall in a five-day period in nearly seven months since the week ending Feb.24, 2023.
Last week, S&P BSE Sensex rose 1.88% and NSE Nifty 50 was higher by 1.86%, as well.
All sectors dropped this week with realty, metal and bank sectors declining the most.
The broader market indices were ended mixed; the S&P BSE MidCap Index was down 0.14%, whereas S&P BSE SmallCap Index was also 0.04% higher.
Fourteen out of 20 sectors compiled by BSE advanced, while six declined. S&P BSE Healthcare fall the most.
The market breadth was split between the buyers and the sellers. About 1,792 stocks rose, 1,842 declined, while 147 remained unchanged on the BSE.
Lux Industries Says Income Tax Dept Is Conducting Survey At Its Unit
Income tax dept conducts survey at company premises in Kolkata.
Company unable to assess impact of survey.
Source: Exchange Filing
