Stock Market Today: Sensex, Nifty Rise For A Third Week As IT Drives Best Gains In 10 Sessions
Sensex was up 502 points or 0.77% at 66,060.90 while the Nifty was 151 points or 0.78% higher at 19,564.50.
KEY HIGHLIGHTS
FPIs Close Week As Net Buyers
Overseas investors in Indian equities remained net buyers on Friday, in a week where they added stocks in all but one session.
Foreign portfolio investors mopped up stocks worth Rs 2,636.4 crore, according to data from the National Stock Exchange.
Domestic institutional investors remained net sellers of equities and offloaded stocks worth Rs 772.45 crore, the NSE data showed.
Foreign institutions have net bought Rs 30,660 crore worth of equities so far in July. They have been net buyers of Rs 1,07,067 crore worth of Indian equities in 2023, according to data from the National Securities Depository Ltd., updated till the previous trading day.
Yield On The 10-Year Bond Ends Marginally Higher
The yield on the 10-year bond closed marginally higher at 7.09% on Friday. It closed at 7.07% on Thursday.
Source: Bloomberg
Rupee Weakens Against The U.S. Dollar
The local currency weakened 10 paise to close at Rs 82.17 against the U.S dollar on Friday.
Rupee closed at 82.07 on Thursday.
Source: Bloomberg
Sensex, Nifty End At Fresh Record Highs After Two Days Advance: Market Wrap
India's benchmark stock indices were steady through Friday before jumping to fresh record highs in the last leg of trade. Ahead of ending at recording closing highs, the Sensex rose 0.92% to scale a new high at 66,159.79 points and Nifty 50 jumped 0.94% to hit record high at 19,595.35 points.
I.T. sector gained the most in trade, following advances in media, metal and realty stocks. Infosys Ltd., and TCS Ltd. led the positive change on the indices, whereas HDFC Bank Ltd., and RIL Ltd. dragged. Furthermore, the headline indices advanced for the third week in a row in trade.
Global stocks headed for their best weekly gains since November on bets that the U.S. monetary tightening cycle is nearing an end. The yen rallied for a seventh day.
Most stock indices advanced in Asia. The gains in Asia helped extend the MSCI ACWI Index’s weekly rally to above 3%. Optimism about stronger efforts to bolster the Chinese economy also buoyed sentiment. S&P 500 and Nasdaq 100 futures were little changed.
The S&P BSE Sensex Index closed up 502 points or 0.77% at 66,060.90 while the NSE Nifty 50 Index was 151 points or 0.78% higher at 19,564.50.
Infosys Ltd., TCS Ltd., HCL Technologies Ltd., LTIMindtree Ltd., and Tech Mahindra Ltd. were the positively adding to the change in the Nifty 50 Index.
Whereas, Reliance Industries Ltd., HDFC Bank Ltd., Axis Bank Ltd., Mahindra & Mahindra Ltd., and ITC Ltd. and were negatively adding to the change.
The broader market indices outperformed; the S&P BSE MidCap Index was up 1.00%, whereas S&P BSE SmallCap Index was 1.14% higher.
Seventeen out of 19 sectors compiled by BSE advanced with S&P BSE Information Technology gaining the most. While, three sectors declined.
The market breadth was skewed in the favour of buyers. About 2,211 stocks rose, 1,208 declined, while 148 remained unchanged on the BSE.
On a weekly basis, the headline indices advanced for the third time. Both, theS&P BSE Sensex and NSE Nifty 50 rose 1.20% this week.
Last week, indices advanced as S&P BSE Sensex rose 0.87% and NSE Nifty 50 was higher by 0.74%.
Sectorally, Nifty PSU Bank and Nifty Bank declined in trade, whereas Nifty IT and Nifty Media were the top gainers.
