Stock Market Today: Sensex, Nifty Close Higher As Investors Eye Budget To Reignite Rally
The S&P BSE Sensex closed down 50 points or 0.08% at 59,549.90 while the NSE Nifty 50 was 13 points or 0.07% lower at 17,662.15.
KEY HIGHLIGHTS
FPIs Remain Net Sellers
Overseas investors in Indian equities remained net sellers for the seventh day in a row on Tuesday.
Foreign portfolio investors offloaded equities worth Rs 5,439.6 crore, according to data from the National Stock Exchange.
On the other hand, domestic institutional investors mopped up stocks worth Rs 4,506.3 for the seventh day in a row, according to NSE data.
Foreign institutions net bought Rs 14,398.8 crore worth of Indian equities in December, but have remained net sellers of Rs 41,464.69 crore worth of Indian stocks so far in 2023.
Rupee Weakens Against The U.S. Dollar
The local currency sharply weakened by 42 paise to 81.92 rupees at close against the greenback on Tuesday. It closed at 81.50 on Monday.
Source: Bloomberg
Yield On The 10-Year Declines Ahead Of Budget
The yield on the 10-year bond closed lower by 5 bps at 7.35% on Tuesday ahead of the Union Budget 2023.
Source: Bloomberg
Closing Bell
The Indian benchmark indices declined marginally at close after trading flat through volatility on Tuesday ahead of the Union Budget 2023.
Asian markets ended lower, whereas, the stocks in Europe slipped as investors digested a flurry of mixed corporate earnings and economic data while positioning for rate increases from the Federal Reserve and European Central Bank later this week.
The S&P BSE Sensex closed down 50 points or 0.08% at 59,549.90 while the NSE Nifty 50 was 13 points or 0.07% lower at 17,662.15.
State Bank of India, Mahindra and Mahindra Ltd., Power Grid of India Ltd., UltraTech Cement Ltd. and Adani Ports and SEZ Ltd. were the top gainers in the gauge.
Whereas, Bajaj Finance Ltd., TCS Ltd., Tech Mahindra Ltd., Britannia Industries Ltd. and HDFC Life Insurance Co. and were the top losers amongst the NSE Nifty 50 constituents.
The broader market indices traded higher, outperforming larger peers; S&P BSE MidCap was up 1.47%, whereas S&P BSE SmallCap was higher by 2.21%.
Sixteen out of the 20 sectors compiled by BSE advanced, while four declined in trade.
The market breadth was skewed in favour of the bulls. About 2,439 rose, 1,057 declined, 129 remained unchanged on the BSE.
Auto Stocks Advance
Shares of automotive and automotive ancillary companies advanced in trade on Tuesday ahead of the January monthly sales data.
The NSE Auto Index was up 2.09% in trade. Fourteen out of the 15 constituents compiled by the gauge advanced, while Bajaj Auto Ltd. declined.
Samvardhana Motherson International Ltd., Mahindra and Mahindra Ltd., Bosch Ltd., Ashok Leyland Ltd., Balkrishna Industries Ltd., Tata Motors Ltd., Eicher Motors Ltd., Hero MotoCorp Ltd. and Sona BLW Precision Forgings Ltd. advanced more than 2% in trade.
Source: NSE
