Stock Market Today: Sensex, Nifty Slip For A Third Session As Oil Rises; FPIs Turn Net Sellers

Overseas investors turn net sellers of Indian equities on Monday

Foreign portfolio investors off loaded stocks worth Rs 593.66 crores, according to provisional data from the National Stock Exchange.

Domestic institutional investors turned out to be net buyers and mopped up equities worth 1,184.24 crore, the NSE data showed.

 Foreign institutions have been net buyers of Rs 1,11,116 crore worth of Indian equities so far in 2023, according to data from the National Securities Depository Ltd., updated till the previous trading day.

The S&P BSE Sensex closed down 116 points, or 0.17%, at 66,166.93, while the NSE Nifty 50 was 19 points or 0.10% lower at 19,731.75.

• The local currency depreciated 2 paise to close at all time weakest level of 83.28 against the U.S. dollar on Monday.

• It closed at 83.26 on Friday.

• As per intraday trade, 83.29 per dollar remains the weakest-ever level the rupee touched on Oct. 20, 2022.

Source: Bloomberg

India's benchmark stock indices swung between gains and losses through midday Monday to extend declined for the third straight day. Metals, PSU banks and consumer durables rose, whereas pharma and realty sectors were under pressure.

Nifty ended below 19,800 level, while Sensex closed below 66,200 mark. "Holding cash would be a good strategy in this uncertain time. The cash component in the portfolio may be increased as a measure of caution. Also, this will enable investors to buy when there is a big dip in the market, and it is important to note that big dips can happen since valuations are high. Paints, tyres and aviation stocks will be under pressure from the rising crude. HDFC Bank results today will be keenly watched by the market." said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

The S&P BSE Sensex closed down 116 points, or 0.17%, at 66,166.93, while the NSE Nifty 50 was 19 points or 0.10% lower at 19,731.75.

European stocks and U.S. equity futures fluctuated. Technology shares were among the decliners in Europe after Bloomberg News reported that the U.S. is considering further restrictions to curb China’s access to advanced semiconductors.

S&P 500 contracts and those for the Nasdaq 100 were little changed after declines on Wall Street at the end of last week.

Japanese, Australian and South Korean shares declined. Stocks slipped in Hong Kong and mainland China despite the central bank making the biggest medium-term liquidity injection since 2020.

HDFC Bank Ltd., Tata Consultancy Services Ltd., Reliance Industries Ltd., ICICI Bank Ltd., and Bharti Airtel Ltd. were negatively adding to the change in the Nifty 50 Index.

Whereas, Nestle India Ltd., Axis Bank Ltd., Tata Steel Ltd., HCL Technologies Ltd., and JSW Steel Ltd. were positively contributing to the change.

The broader market indices outperformed larger peers; the S&P BSE MidCap Index was up 0.25%, whereas S&P BSE SmallCap Index was also 0.34% higher.

Eleven out of the 20 sectors compiled by BSE advanced, while nine declined. S&P BSE Metal rose the most and S&P BSE Telecommunication fell the most.

The market breadth was split between buyers and sellers. About 2,046 stocks rose, 1,742 declined, while 165 remained unchanged on the BSE.

• Revenue up 12.94% at Rs 1546.63 crore vs Rs 1369.38 crore

• Ebitda at Rs 213.48 crore vs Rs 62.82 crore

• Margin at 13.8% vs 4.58%

• Net profit at Rs 201.55 crore vs Rs 21.18 crore

• Revenue up 1.6% at Rs 76.65 crore vs Rs 75.44 crore

• Ebitda down 1.98% at Rs 13.91 crore vs Rs 14.19 crore

• Margin at 18.14% vs 18.8%

• Net profit up 27.29% at Rs 5.69 crore vs Rs 4.47 crore