Stock Market Today: Sensex, Nifty End Record-Setting Week Higher; FPIs Remain Net Buyers
Sensex closed up 320 points, or 0.47%, at 67,838.63 points, while Nifty was 89 points of 0.44% higher at 20,192.35 points.
KEY HIGHLIGHTS
FPIs Remain Net Buyers For Second Straight Day
Overseas investors remained net buyers of Indian equities on Friday for the second consecutive session.
Foreign portfolio investors mopped up stocks worth Rs 164.42 crore, according to provisional data from the National Stock Exchange.
Domestic institutional investors turned net buyers and bought equities worth Rs 1,938.57 crore, the NSE data showed.
Foreign institutions have been net buyers of Rs 1,30,519 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 7 bps higher at 7.20% on Friday.
Source: Bloomberg
Indian Rupee Weakens Against The U.S. Dollar
The local currency weakened 14 paise to close at Rs 83.18 against the U.S dollar on Friday.
It closed at 83.04 on Thursday.
Source: Bloomberg
Sensex, Nifty Stretch Gains To Third Week After Record Close: Market Wrap
India's benchmark stock indices scaled fresh life highs on Friday to ends at a record close. Nifty advanced for the third session, whereas Sensex rose for the 11th day, the longest streak of gains since October 2007.
Intraday, the S&P BSE Sensex Index rose as much as 0.60% to hit a lifehigh of 67,927.23 points, whereas Nifty advanced 0.46% to the record of 20,222.45 points. On a weekly basis, the indices advanced in a row for the third week.
Auto, I.T. stocks rose whereas, realty and fast moving consumer goods shares were under pressure.
The S&P BSE Sensex closed up 320 points, or 0.47%, at 67,838.63 points, while the NSE Nifty 50 was 89 points of 0.44% higher at 20,192.35 points.
European stocks and commodities rallied after better-than-expected economic data in China fueled hopes stimulus measures are paying off.
Europe’s Stoxx 600 added 0.9%, following Asian peers higher, after Chinese industrial production and retail sales statistics beat estimates. Brent crude climbed above $94 per barrel. U.S. equity futures, meanwhile, pared gains.
Stocks in Europe are set to follow Asian peers higher following better-than-expected Chinese economic data and after the central bank took further measures to support the struggling economy.
HDFC Bank Ltd., Bharti Airtel Ltd., ICICI Bank Ltd., Tata Consultancy Services Ltd., and Bajaj Auto Ltd., were positively adding to the change in the Nifty 50 Index.
Whereas, Hindustan Unilever Ltd., Asian Paints Ltd., ITC Ltd., Larsen & Toubro Ltd., and Kotak Mahindra Bank Ltd. were negatively contributing to the change.
The broader market indices ended higher; the S&P BSE MidCap Index was up 0.09%, whereas S&P BSE SmallCap Index was also 0.27% higher.
Nine out of 20 sectors compiled by BSE advanced, while the other 11 sectors declined. S&P BSE Telecommunication and S&P BSE Auto rose the most and S&P BSE Oil & Gas fell the most.
The market breadth was skewed in the favour of the buyers. About 1930 stocks rose, 1697 declined, while 159 remained unchanged on the BSE.
Nifty IT and Nifty Bank advanced the most this week, whereas Nifty Media and Nifty Realty dropped the most.
On a weekly basis, the headline indices advanced for the third week in a row. The S&P BSE Sensex rose 1.88% and NSE Nifty 50 was higher by 1.86%, this week.
Last week, S&P BSE Sensex had rose 1.85% and NSE Nifty 50 was higher by 1.98%, as well.
