Stock Market Today: Sensex, Nifty End At A Record High As HDFC Twins, RIL, Kotak Lead; FPIs Stay Net Buyers
Sensex was up 467 points or 0.74% at 63,384.58 while the Nifty was 138 points or 0.74% higher at 18,826.
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KEY HIGHLIGHTS
FPIs Stay Net Buyers
Overseas investors in Indian equities were net buyers for the fourth day in a row on Friday, however, the worth of the equities they bought was the least in a week, since June 8.
Foreign portfolio investors mopped up stocks worth Rs 794.78 crore, according to data from the National Stock Exchange.
Domestic institutional investors too snapped out of a three-day selling streak to turn net buyers and bought equities worth Rs 681.33 crore, the NSE data showed.
Foreign institutions net bought Rs 16,406 crore worth of equities in June. They have been net buyers of Rs 45,665 crore worth of Indian equities so far in 2023, according to the National Securities Depository Ltd.
10-Year Bond Yield Flat
-Yield on the 10-year bond closed flat at 7.04% on Friday.
Source: Bloomberg
Rupee Strengthens Against The U.S. Dollar
The local currency strengthened by 24 paise to close at Rs 81.94 against the U.S. dollar on Friday.
The rupee closed at 82.18 on Thursday.
Source: Bloomberg
Sensex, Nifty Log Record High After Gaining The Most In Three Weeks
India's benchmark stock indices closed at a record closing high after advancing for the fourth week in a row on Friday. While banks and non-banking financial companies led the rally, I.T. and realty sectors were under pressure. Heavyweights HDFC Twins, RIL led, whereas TCS, Infosys, Wipro dragged the indices.
The headline indices ended the day above their record closing highs from Dec. 1, 2023 as NSE Nifty 50 Index was above the 18,812.50 level, whereas S&P BSE Sensex was trading above 63,284.19 mark.
Global stocks were headed for the best week in more than two months, buoyed by bets on Chinese stimulus and exuberance surrounding artificial intelligence firms.
The MSCI World Index has climbed 2.9% this week, the most since the end of March. Asian markets staged a broad rally on Friday and European equities climbed. U.S. futures steadied as the S&P 500 capped a sixth day of gains on Thursday — its longest winning run since November 2021.
The S&P BSE Sensex Index was up 467 points or 0.74% at 63,384.58 while the NSE Nifty 50 Index was 138 points or 0.74% higher at 18,826.
HDFC Bank Ltd., HDFC Life Insurance Co., Reliance Industries Ltd., HDFC Ltd., and Kotak Mahindra Bank Ltd. were positively adding to the change.
Whereas, TCS Ltd., Infosys Ltd., Wipro Ltd., L&T Ltd., and Bajaj Auto Ltd. were negatively contributing to the change.
The broader market indices outperformed the larger peers; the S&P BSE MidCap Index was up 0.71%, whereas S&P BSE SmallCap Index was higher by 0.76%.
Sixteen out of the 20 sectors compiled by BSE advanced while S&P BSE Information Technology, S&P BSE Realty, S&P BSE Oil and Gas and S&P BSE Teck declined.
The market breadth was skewed in the favour of buyers. About 2,122 stocks rose, 1,412 declined, while 121 remained unchanged on the BSE.
The headline closed higher for the fourth week in a row, logging in the best weekly gaining streak in nearly 10 months since July-August, 2022. Sensex logged weekly gains of 1.21%, whereas Nifty advanced 1.41%.
Last week, the indices ended marginally higher. The S&P BSE Sensex Index was up 0.13%, and the NSE Nifty 50 Index was higher by 0.16%.
All the sectors advanced in trade this week except Nifty Bank.
Sensex, Nifty Inch Close To Record High
The headline indices were trading above their record closing highs as NSE Nifty 50 Index was above the 18,812.50 level, whereas S&P BSE Sensex was trading above 63,284.19 mark.
Source: Bloomberg
