Stock Market Today: Nifty, Sensex Snap Two-Day Rally As Banks, IT, FMCG Stocks Drag
Stay updated with live stock market updates for Jan. 8.
KEY HIGHLIGHTS
FPIs Stay Net Buyers For The Third Straight Day
Overseas investors remained net buyers of Indian equities for the third consecutive session on Monday.
Foreign portfolio investors mopped up stocks worth Rs 16.03 crore, according to provisional data from the National Stock Exchange.
Domestic institutional investors remained net sellers and offloaded equities worth Rs 155.96 crore, the NSE data showed.
Yield On The 10-Year Bond Ends Lower
The yield on the 10-year bond closed 4 bps lower at 7.20% on Monday.
Source: Bloomberg
Rupee Strengthens Against The U.S. Dollar
-The local currency strengthened 2 paise to close at 83.14 against the U.S dollar on Monday.
-It closed at 83.16 on Friday.
Source: Bloomberg
Nifty, Sensex Snap Two-Day Rally As Banks, IT, FMCG Stocks Drag: Closing Bell
Benchmark indices ended snapped their two-session rally to end lower after opening with marginal gains. Today's fall was because of losses in shares of financial services, FMCG and IT companies.
The Nifty ended 199.70 points or 0.92% lower at 21,511.10 points while the Sensex lost 665.73 points or 0.92% to end at 71,360.42 points. Intraday, Nifty hit a low of 21,492.90 and the Sensex hit a low of 71,301.04.
"The current market texture is volatile hence levels based trading would be the ideal strategy for the short-term traders," said Shrikant Chouhan, head of equity research at Kotak Securities.
He added, "Technically, the index has formed bearish candle on daily charts and it also formed lower top formation on intraday charts, which supports further weakness from the current levels."
Shares of HDFC Bank Ltd., ICICI Bank Ltd., ITC Ltd., Reliance Industries Ltd., and Tata Consultancy Services Ltd., dragged the index lower.
Meanwhile, those of HCL Technologies, Adani Ports and Speacial Economic Zone Ltd., NTPC Ltd., Bajaj Finance Ltd., and Bharti Airtel Ltd., capped the downside.
All sectoral indices fell except Nifty Realty and Nifty Media. Nifty PSU Bank fell the most by over 2.5%.
The broader markets outperformed benchmark indices. The S&P BSE Smallcap Index declined 0.36%, whereas S&P BSE MidCap Index was 0.87% lower. On BSE, 18 out of 20 sectors declined, while two advanced. S&P BSE FMCG declined 1.55% and was the top loser among sectoral indices. The S&P BSE Realty was the top gainer among sectoral indices.
The market breadth was skewed in favour of the sellers. About 2,044 stocks declined, 1,927 advanced, and 103 remained unchanged on the BSE.
Nifty, Sensex Trade Lower As Bank, FMCG Stocks Drag: Midday Market Update
India's benchmark indices extended losses through midday on Monday amid volatility as stocks of fast-moving consumer goods and financial services exerted pressure on the indices.
As of 12:30 p.m., the NSE Nifty 50 fell 123 points or 0.57% to 21,587.40, while the S&P BSE Sensex declined 408 points or 0.57% to 71,618.32. The Nifty hit intraday low of 21,552.75 and the Sensex fell to a low of 71,521.16.
Most bank stocks declined on the NSE, with the HDFC Bank Ltd., State Bank of India and Bank of Baroda declining the most. Only AU Small Finance Bank was up 0.05% on the NSE.
"The market outlook is poised to be significantly shaped by the impending quarterly earnings reports from major IT companies," Shrey Jain, chief executive officer of SAS Online, said.
The support for the Nifty is expected to materialise within the range of 21,600 to 21,650, with a robust buy zone projected at 21,500–21,550, Jain said.
