Stock Market Today: Sensex, Nifty End Volatile Day Higher As RIL, HDFC Bank Lead; Infosys, DRL drag
Sensex closed up 179 points or 0.29% at 61,940.20 while the Nifty was higher by 49 points or 0.27% at 18,315.10.
KEY HIGHLIGHTS
Rupee Strengthens Against The U.S. Dollar
Sensex, Nifty End Higher As Media, Auto Stocks Advance, PSU Banks Drag
Sanofi India To Demerge Its Pharma And Consumer Healthcare Businesses
Aarti Industries Falls The Most In 19 Months
Talking Point: Atul Suri Shares Views On Indian Markets & Various Sectors
FPIs Stay Net Buyers For The Tenth Straight Day
Overseas investors in Indian equities remained net buyers for the tenth day in a row on Wednesday.
Foreign portfolio investors mopped up equities worth Rs 1,833.13 crore, according to data from the National Stock Exchange.
Domestic institutional investors turned sellers, and sold stocks worth Rs 789.67 crore, snapping a two-day buying streak, the NSE data showed.
Foreign institutions have remained net sellers and have offloaded Rs 33,418.99 crore worth of stocks so far in 2023.
Yield On 10-Year Bond Flat
The yield on 10-year bond closed flat at 7.04% on Wednesday.
Source: Bloomberg
Rupee Strengthens Against The U.S. Dollar
The local currency appreciated by 5 paise to close at 81.99 against the greenback on Wednesday.
The local currency closed at 82.05 on Tuesday.
Source: Bloomberg
Sensex, Nifty End Higher As Media, Auto Stocks Advance, PSU Banks Drag
Indian equity benchmarks swung between gains and losses through Wednesday to pick up in the late minutes of trading. While media, auto and realty sectors gained, PSU banks and metals declined. The S&P BSE Sensex Index was closed above 61,900-level, whereas NSE Nifty 50 Index was ended upwards of the 18,300-mark.
European stocks and U.S. equity futures edged lower as cautious investors awaited a U.S. inflation report for insights on the path of Federal Reserve rate hikes. Retail and consumer shares were the biggest drag on European stocks, outweighing positive earnings news from some companies.
Contracts for the S&P 500 and the Nasdaq 100 retreated, with Airbnb Inc. sliding 13% in premarket trading after the vacation home-rental company gave a cautious forecast for revenue in the second quarter. Asian stocks declined as a regional stocks gauge headed for the biggest loss in two weeks.
The U.S. CPI to come later on Wednesday is expected to rise by 5% in April on a year-on-year basis, as per Bloomberg, indicating that price pressures are still uncomfortably high for the Fed.
The S&P BSE Sensex Index closed up 179 points or 0.29% at 61,940.20 while the NSE Nifty 50 Index was higher by 49 points or 0.27% at 18,315.10.
Reliance Industries Ltd., HDFC Bank Ltd., Bajaj Finance Ltd., IndusInd Bank Ltd., and Power Grid Corp of India Ltd., and were positively adding to the change.
Whereas, Infosys Ltd., Larsen and Toubro Ltd., Dr. Reddy's Laboratories Ltd., UPL Ltd., and Hindalco Industries Ltd. were negatively contributing to the change in the Nifty 50 Index.
The broader market indices were ended higher; the S&P BSE MidCap Index was up by 0.34%, whereas S&P BSE SmallCap Index was higher by 0.33%.
Fourteen out of the 19 sectors compiled by BSE advanced, while five declined in trade.
The market breadth was spit bewteen the buyers and the sellers. About 1,833 stocks rose 1,658 declined, and 146 remained unchanged on the BSE.
Sanofi India To Demerge Its Pharma And Consumer Healthcare Businesses
Sanofi India will demerge its consumer healthcare business from the demerged company into a new subsidiary, Sanofi Consumer Healthcare.
The demerged unit will include brands like Allegra®, Combiflam®, DePURA ®, Avil®, etc.
The shareholders of the demerged company, will be issued equity in the ratio of 1:1.
Source: Exchange filing
