Stock Market Today: Sensex, Nifty Close Lower As Commodities, Banks Retreat
The S&P BSE Sensex closed down 361 points or 0.62% at 57,204.10 while the NSE Nifty 50 was 112 points or 0.65% lower at 16,98
![<div class="paragraphs"><p>Employees enter the National Stock Exchange of India Ltd. (NSE) building in Mumbai, India.[Photographer: Dhiraj Singh/Bloomberg]</p></div>](https://media.assettype.com/bloombergquint%2F2022-03%2F573c2667-d392-4659-87a8-ba147fc592fc%2F308094918.jpg?rect=0%2C200%2C3998%2C2249&auto=format%2Ccompress&fmt=avif)
KEY HIGHLIGHTS
Yield On The 10-Year Declines
The yield on the 10-year bond closed 1.5 bps lower at 7.33% on Monday. It closed at 7.34% on Friday.
FPI Outflow Continues Unabated
Foreign investors in Indian equities remained net sellers for eighth day in a row.
Foreign portfolio investors sold equities worth Rs 2,545.87 crore on Monday, according to data from the National Stock Exchange.
Meanwhile, domestic institutional investors remained net buyers for the eight consecutive day as they bought equities worth Rs 2,876.64 crore.
Foreign institutions invested in Indian equities have remained net sellers so far in 2023, selling equities Rs 24,349 crore by March 20, 2023, according to the National Securities Depository Ltd.
Rupee Weakens Against The U.S. Dollar
The local currency weakened by 10 paise to close 82.64 against the greenback on Monday. It closed at 82.54 on Friday.
Source: Bloomberg
Sensex, Nifty Snap Two-Day Gaining Streak
Indian equity benchmarks declined at opened and struggled through the day on Monday following the Credit Suisse Group AG takeover by UBS Group AG.
The headline indices snapped two days of gain and the benchmarks corrected from the intraday low of over 1.3% to end lower. The NSE Nifty 50 Index recovered to close above 17,000 level after trading below 16,900 in trade.
European stocks fell and the U.S. equity futures retreated as the emergency weekend sale of Credit Suisse Group AG to UBS Group AG failed to soothe market jitters over the health of the banking system. Investors turned to the safest assets, spurring gains in treasuries, while gold rose on haven demand.
Contracts on the S&P 500 edged lower, with major lenders JPMorgan Chase & Co., Bank of America Corp., Wells Fargo & Co. and Citigroup Inc. all down in U.S. premarket trading. Nasdaq 100 futures steadied. Most Asian markets fell by more than 1%.
The S&P BSE Sensex closed down 361 points or 0.62% at 57,204.10 while the NSE Nifty 50 was 112 points or 0.65% lower at 16,988.40.
Bajaj Finserv Ltd., Adani Enterprises Ltd., Bajaj Finance Ltd., Hindalco Industries Ltd., Wipro Ltd., Tata Steel Ltd., Coal India Ltd., State Bank of India, Adani Ports and SEZ Ltd., and Tata Motors Ltd. declined in trade.
All Adani Group Company stocks declined in trade, whereas only Adani Green Energy Ltd. advanced in early trade on Monday.
The broader market indices ended lower; S&P BSE MidCap was down 1.12% whereas S&P BSE SmallCap was lower by 0.88%.
All the 19 sectors compiled by BSE declined, with S&P BSE Metal, S&P BSE Commodities and S&P BSE Realty declining the most in trade. .
The market breadth was skewed in the favour of the sellers. About 1,149 stocks rose 2,474 declined, and 129 remained unchanged on the BSE.
Mahindra Acquires 100% Stake In Mitra Agro Equipments
Mahindra and Mahindra completes the acquisition of MITRA Agro Equipments by increasing its shareholding from 47.33% to 100%.
M&M bought venture capital Omnivor's full stake in the company, which was one of its first institutional investors in MITRA.
MITRA plans to accelerate the expansion of its product portfolio and its network in India and overseas markets after the acquisition.
Source: Exchange filing
