Stock Market Today: Sensex, Nifty Log Longest Weekly Stretch Of Gains In Six Months
Sensex closed up 38 points or 0.06% at 60,431 while the Nifty was higher by 16 points or 0.09% at 17,828.
KEY HIGHLIGHTS
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 Thursday.
Foreign portfolio investors mopped up stocks worth Rs 221.85 crore, according to data from the National Stock Exchange.
Domestic institutional investors were net sellers for the third straight day and offloaded stocks worth Rs 273.68 crore, the NSE data showed.
Foreign institutions have remained net sellers of Indian equities so far in 2023, offloading stocks worth around Rs 45,597.91 crore.
Yield On The 10-Year Rises
The yield on the 10-year bond closed 2 bps higher at 7.21% on Thursday. It closed at 7.19% on Wednesday.
Source: Bloomberg
Rupee Strengthens Against The U.S. Dollar
The local currency appreciated 23 paise to close at 81.86 against the greenback.
It closed at 82.09 on Wednesday.
Source: Bloomberg
Sensex, Nifty Log Longest Stretch Of Gains In Over 30 Months
Indian equity benchmarks logged nine straight days of gains to end higher on the last day of the truncated trading week. The indices rose to a seven week high, ending at its highest level since Feb. 21, 2023. The S&P BSE Sensex Index ended above 60,400 mark and the NSE Nifty 50 Index was above 17,800 level.
The nine days of gain was highest in 30 months or two and a half years, when the indices advanced for 10 days staring Sep. 30, 2020 to Oct. 14, 2020. On a weekly basis, the indices advanced for the third week in a row following two shortened weeks of trade.
European markets and U.S. equity futures rose on Thursday as investors digested inflation data. The Stoxx Europe 600 Index posted a modest gain, contracts for U.S. stocks pointed to a recovery after the S&P 500 and tech-heavy Nasdaq 100 closed Wednesday near session lows.
Shares of Alibaba sank in Hong Kong and Sunac China Holdings Ltd. slid by a record as its stock trading resumed after a year's halt.
The S&P BSE Sensex Index closed up 38 points or 0.06% at 60,431 while the NSE Nifty 50 Index was higher by 16 points or 0.09% at 17,828.
IndusInd Bank Ltd., Axis Bank Ltd., Kotak Mahindra Bank Ltd., Maruti Suzuki India Ltd., and HDFC Life Insurance Co Ltd. were positively adding to the change.
Whereas, Sun Pharmaceutical Industries Ltd., HCL Technologies Ltd., Infosys Ltd., Larsen & Toubro Ltd., and Tata Consultancy Services Ltd. were negatively contributing to the change in the Nifty 50 Index.
NDTV Ltd., Adani Enterprises Ltd., Adani Ports and SEZ Ltd., ACC Ltd. advanced, whereas other Adani Group company stocks declined on Thursday.
The broader market indices outperformed their larger peers; the S&P BSE MidCap was up by 0.37%, whereas S&P BSE SmallCap closed higher by 0.76%.
Ten out of the 20
The headline indices advanced for the third week in a row following two shortened weeks of trade. Sensex logged weekly gains of 1%, whereas Nifty advanced 1.30% in trade this week.
The S&P BSE Sensex Index advanced 1.43%, and the NSE Nifty 50 Index was up 1.38%.
Nifty IT and Nifty Media are the only sectoral indices that declined this week, whereas Nifty Realty emerged as the top gainer for the second week in a row.
Sensex, Nifty Reverse Declines
Top stocks contributing positively to the change in the Nifty 50 Index
