Stock Market Today: Nifty Ends Shy Of 20,000 Level, Sensex Above 67,100; FPIs Turn Net Buyers
Sensex closed up 528 points, or 0.79%, at 67,127.08, while Nifty was 176 points of 0.89% higher at 19,996.35.
KEY HIGHLIGHTS
FPIs Turn Net Buyers After Five Days
Overseas investors snapped a five day selling streak of Indian equities to become net buyers on Monday.
Foreign portfolio investors mopped up stocks worth Rs 1,473.09 crore, according to provisional data from the National Stock Exchange.
Domestic institutional investors remained net buyers and bought equities worth Rs 366.24 crore, the NSE data showed.
Foreign institutions have been net buyers of Rs 1,30,987 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 4 bps higher at 7.25% on Monday.
Source: Bloomberg
Indian Rupee Weakens Against U.S. Dollar, Closes At 83.03
The local currency weakened 8 paise to close at Rs 83.03 against the U.S dollar on Monday.
It closed at 82.95 on Friday
Source: Bloomberg
Sensex, Nifty Log Best Stretch Of Gains In 11 Weeks As Nifty Crosses 20,000 Mark Intraday: Market Wrap
India's benchmark stock indices advanced for the seventh straight day to log the best stretch of gains in 11 weeks since June 26 to July 6, when the indices advanced for the eight days.
While, Nifty 50 crossed 20,000 level for the first time intra-day, Sensex was about 400 points shy of its record closing high at 67,571.90 points. PSU banks, metal and auto sectors rose in trade whereas the media shares were under pressure.
The S&P BSE Sensex closed up 528 points, or 0.79%, at 67,127.08, while the NSE Nifty 50 was 176 points of 0.89% higher at 19,996.35.
Europe’s Stoxx 600 rose 0.5% and US futures pointed to gains on Wall Street. Tesla Inc. rallied 5% in U.S. premarket trading on an upgrade from Morgan Stanley.
Italian banks led gains among European lenders after a report that the government is weighing changes to a controversial tax on banks’ windfall profits.
In China, there’s hints that the economy may be stabilizing after a sharp downturn. The benchmark CSI 300 Index rose 0.7% on Monday, snapping a four-session losing streak.
Shares in Hong Kong fell as trading resumed after a closure on Friday and property stocks there sank following disappointing earnings at Sun Hung Kai Properties Ltd.
Reliance Industries Ltd., HDFC Bank Ltd., Axis Bank Ltd., ICICI Bank Ltd., Adani Ports and Special Economic Zone Ltd., and ITC Ltd. were positively adding to the change in the Nifty 50 Index.
Whereas, Larsen & Toubro Ltd., Coal India Ltd., Bajaj Finance Ltd., Oil & Natural Gas Corporation Ltd., and IndusInd Bank Ltd., and were negatively contributing to the change.
The broader market indices ended higher; the S&P BSE MidCap Index was up 1.20%, whereas S&P BSE SmallCap Index was also 0.70% higher.
All the 20 sectors compiled by BSE advanced. S&P BSE Telecommunication, S&P BSE Power, and S&P BSE Utilities rose the most.
The market breadth was skewed in the favour of the buyers. About 2112 stocks rose, 1660 declined, while 170 remained unchanged on the BSE.
