Stock Market Today: Sensex, Nifty End At Lowest In Two Weeks After Three-Day Fall; FPIs Remain Net Sellers
Sensex closed down 571 points, or 0.85%, at 66,230.24 while Nifty was 159 points or 0.80% lower at 19,742.35.
KEY HIGHLIGHTS
FPIs Remain Net Sellers For Third Straight Day
Overseas investors remained net sellers of Indian equities on Thursday for the third consecutive session.
Foreign portfolio investors offloaded stocks worth Rs 3,007.36 crore, according to provisional data from the National Stock Exchange.
Domestic institutional investors turned net buyers on Thursday and bought equities worth Rs 1,158.14 crore, the NSE data showed.
Foreign institutions have been net buyers of Rs 1,26,998 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 Flat
The yield on the 10-year bond closed flat at 7.17% on Thursday.
Source: Bloomberg
Rupee Ends Flat Against The U.S. Dollar
The local currency closed flat at 83.09 against the U.S dollar on Thursday.
Source: Bloomberg
Sensex, Nifty Fall For The Third Consecutive Session: Market Wrap
India's benchmark stock indices declined through Thursday, extending declines for the third session. Intraday, Sensex fell as much as 1.01% to 66,128.71 and Nifty declined 0.96% to 19,709.95, the lowest levels for the indices since Sept. 7, 2023.
The sectoral indices for auto, banks and non-banking financial companies fell the most.
The S&P BSE Sensex closed down 571 points, or 0.85%, at 66,230.24 while the NSE Nifty 50 was 159 points or 0.80% lower at 19,742.35
Stocks dropped after the Federal Reserve signaled interest rates will be higher for longer and as traders awaited a Bank of England policy decision that hangs in the balance.
Europe’s Stoxx 600 Index fell 0.7%, with almost all industry groups in the red. Futures contracts for U.S. benchmarks declined, extending Wednesday’s losses on Wall Street. A gauge of Asian stocks fell the most in more than a month.
The BOE announcement caps a busy day for European central bankers. The Swiss franc fell after the Swiss National Bank delivered a surprise hold.
Tech stocks in Hong Kong slid over 2%, echoing heavy selling in U.S. tech names Wednesday. China’s beleaguered property developers were a bright spot, rising after new measures to ease home-buying rules.
The Fed held its target range at 5.25% to 5.5%, while updated quarterly projections showed 12 of 19 officials favored another rate hike in 2023. Jerome Powell said officials are “prepared to raise rates further if appropriate, and we intend to hold policy at a restrictive level until we’re confident that inflation is moving down sustainably toward our objective.” A “soft landing” for the U.S. economy is a primary objective for the central bank, he said.
Infosys Ltd., Bharti Airtel Ltd., Larsen & Toubro Ltd., Asian Paints Ltd., and Adani Ports and Special Economic Zone Ltd. were positively adding to the change in the Nifty 50 Index.
Whereas, ICICI Bank Ltd., HDFC Bank Ltd., Reliance Industries Ltd., State Bank of India and Kotak Mahindra Bank Ltd. were negatively contributing to the change.
The broader market indices underperformed larger peers; the S&P BSE MidCap Index was down 0.99%, whereas S&P BSE SmallCap Index was also 0.98% lower.
Nineteen out of 20 sectors compiled by BSE declined. S&P BSE Bankex and S&P BSE Auto fell the most.
The market breadth was skewed in the favour of the sellers. About 1,329 stocks rose, 2,327 declined, while 137 remained unchanged on the BSE.
City Union Bank Says RBI Approves HDFC AMC Acquisition Of 9.5% Stake
RBI approves HDFC AMC to acquire up to 9.5% stake in the bank.
Source: Exchange Filing
