Stock Market Today: Sensex, Nifty Snap Three-Day Gaining Streak; FPIs Stay Net Buyers

Overseas investors in Indian equities were net buyers for the third day in a row on Thursday.

Foreign portfolio investors mopped up stocks worth Rs 3,085.51 crore, according to data from the National Stock Exchange. This was the highest amount of net buying by FPIs this month so far.

Domestic institutional investors were net sellers and offloaded equities worth Rs 297.88 crore, the NSE data showed.

Foreign institutions net bought Rs 13,124 crore worth of equities in June. They have been net buyers of Rs 42,383 crore worth of Indian equities so far in 2023, according to the National Securities Depository Ltd.

Yield on the 10-year bond rose 3bps to close at 7.04% on Thursday.

Source: Bloomberg

• The local currency weakens 7 paise to close at 82.18 against the U.S dollar on Thursday.

• The local currency closed at 82.11 on Wednesday.

Source: Bloomberg

India's benchmark stock indices swung between gains and losses and snapped three days of advance to end lower on Thursday. While, banks and realty sectors declined, healthcare gained. ICICI Bank Ltd., and HDFC Bank Ltd. dragged while ITC Ltd., and RIL Ltd. led.

Stocks retreated on Thursday, with sentiment subdued by the Federal Reserve’s hawkish tone and as weak economic data from China weighed on resources companies.

Chinese equities gained after the People’s Bank of China cut a key lending rate amid speculation that more stimulus is on the way. Hong Kong’s benchmark index advanced as much as 2.1%, with notable strength in tech stocks.

Futures for U.S. benchmarks edged lower after Chairman Jerome Powell said nearly all Fed officials expected it would be appropriate to raise interest rates “somewhat further” in 2023 after Wednesday’s pause.

The S&P BSE Sensex Index closed down 311 points or 0.49% at 62,917.63 while the NSE Nifty 50 Index was 68 points or 0.36% lower at 18,688.10.

ICICI Bank Ltd., HDFC Bank Ltd., Kotak Mahindra Bank Ltd., Infosys Ltd., and State Bank of India were the negatively adding to the change in the Nifty 50 Index.

ITC Ltd., Reliance Industries Ltd., Apollo Hospitals Enterprise Ltd., M&M Ltd., and L&T Ltd. were positively adding to the change.

The broader market indices outperformed the larger peers; the S&P BSE MidCap Index was up 0.30%, whereas S&P BSE SmallCap Index was higher by 0.12%.

Ten out of the 20 sectors compiled by BSE declined with S&P BSE Bankex falling the most, while the other 10 sectors advanced.

There was no clear winner between the bears and bulls today, as indicated by the market breadth. About 1,749 stocks rose, 1,779 declined, and 136 remained unchanged on the BSE.

• Titagarh Wagons and Bharat Heavy Electricals win Rs 24,000 crore contract to manufacture 80 Vande Bharat sleeper trains for Indian Railways

• Companies to manufacture fully assembled trains by 2029, maintain them for 35 years

Source: Exchange filing