Stock Market Today: Sensex, Nifty Start Truncated Week Lower As Heavyweights Drag
The Nifty lost 75.90 points or 0.34% to close at 22,020.85 while the Sensex ended at 72,473.96 points, down 357.98 points or 0.49%.
KEY HIGHLIGHTS
FPIs Turn Net Buyers
Overseas investors turned buyers on Tuesday after three days of selling.
Foreign portfolio investors bought stocks worth Rs 10.13 crore, according to provisional data from the National Stock Exchange.
Domestic institutional investors remained net buyers for the sixth day and mopped up equities worth Rs 5,024.36 crore, the NSE data showed.
Foreign institutions have been net buyers of Rs 10,021 crore worth of Indian equities so far in 2024, according to data from the National Securities Depository Ltd., updated till the previous trading day.
Rupee Strengthens Against U.S. Dollar
The local currency strengthened by 14 paise to close at 83.29 against the U.S. Dollar.
It recorded its lowest ever close at Rs 83.43 on Friday.
Source: Bloomberg
Sensex, Nifty Start Truncated Week Lower As Heavyweights Drag: Closing Bell
Benchmark equity indices snapped their three-day rally and ended lower today as losses in heavyweights weighed while broader indices ended higher.
The Nifty lost 75.90 points or 0.34% to close at 22,020.85 while the Sensex ended at 72,473.96 points, down 357.98 points or 0.49%.
"On the hourly chart, it appears that the Index is forming an inverted head & shoulder formation where a level of 22,200 will be considered as a breakout point (neckline), and in that case, the target is 22,640, said Aditya Gaggar, director of Progressive Shares.
Shares of HDFC Bank Ltd., Reliance Industries Ltd., ICICI Bank Ltd., Infosys Ltd., and Bharti Airtel Ltd. dragged the indices.
Meanwhile, those of Larsen & Toubro Ltd., Bajaj Finance Ltd., NTPC Ltd., Axis Bank Ltd., and Hindalco Industries Ltd. minimised the losses.
Most sectoral indices were lower with Nifty Media losing the most. On the other hand, Nifty Realty gained over 1%.
Broader markets ended on a mixed note. The S&P BSE Midcap ended 0.71% higher, and the S&P BSE Smallcap ended 0.11% lower.
On BSE, six sectors declined, and 14 sectors advanced. The S&P BSE TECK index fell the most among sectoral indices. The S&P BSE Services was the best performing sector.
Market breadth was skewed in favour of sellers. Around 2,538 stocks declined, around 1,422 stocks advanced, and 140 remained unchanged on BSE.
Zee Board Institutes Monthly Management Mentorship Program
Board advises MD to further simplify management structure
Identifies business verticals that require assessment
Music business to focus on optimising costs
Forms special panel to review management’s performance
Source: Exchange Filing
SpiceJet Shares Erase Losses On Settlement to Resolve Liabilities Worth Rs 755 Crore
SpiceJet Ltd. rose as much as 5.53% to Rs 62.00 apiece, the highest level since March 18. It was trading 5.46% higher at Rs 61.96 apiece, as of 1:25 p.m. This compares to a 0.29% decline in the S&P BSE Sensex Index.
It has risen 95.22% in 12 months. The relative strength index was at 48.95.
Out of four analysts tracking the company, one maintains a 'buy' rating, two recommend a 'hold,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 22.9%.
