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Stock Market Today: Sensex, Nifty Log Two-Day Gains; FPIs Stay Net Sellers

Live updates on India's equity markets on Nov. 22.

<div class="paragraphs"><p>Tilt up of Bombay Stock Exchange, BSE building in Mumbai. (Source: Vijay Sartape /BQ Prime)</p></div>
Tilt up of Bombay Stock Exchange, BSE building in Mumbai. (Source: Vijay Sartape /BQ Prime)
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The S&P BSE Sensex rose 87.09 points or 0.13% to 66,017.86, while the NSE Nifty 50 fell 28.45 or 0.14% to 19811.85
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FPIs Stay Net Sellers

Overseas investors stay net sellers for fourth consecutive sessions on Wednesday.

Foreign portfolio investors sold stocks worth Rs 306.56 crore, according to provisional data from the National Stock Exchange.

Domestic institutional investors continues as buyers and purchased stocks worth Rs 721.24 crore, the NSE data showed.

Foreign institutions have been net buyers of Rs 96,280 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 Lower

The yield on the 10-year bond closed 2 bps lower at 7.25% on Wednesday.

Source: Bloomberg


Rupee Strengthens Against The U.S. Dollar

The local currency strengthened 3 paise to close at 83.32 against the U.S dollar on Wednesday.

It closed at 83.354, which was the lowest-ever close against the U.S. dollar on Tuesday.

Source: Bloomberg


Sensex, Nifty Log Two-Day Gains: Closing Bell

Benchmark indices in India closed higher for the second consecutive session after witnessing volatility throughout the day as gains in information technology stocks offset the losses in banks.

The S&P BSE Sensex rose 87.09 points or 0.13% to 66,017.86, while the NSE Nifty 50 rose 28.45 or 0.14% to 19811.85. Sensex closed above the 66,000 level after five weeks.

The Nifty faces substantial resistance in the range of 19,800-19,900, and a breakthrough of these levels could trigger a swift upward movement, prompting an unwinding on the call side and potentially propelling the Nifty to the 20,000–20,200 zone, Ameya Ranadive CMT CFTe, Reseach Analyst at Choice Broking said.

Shrikant Chouhan, head of equity research at Kotak Securities Ltd said, "We are of the view that, as long as the index is trading above 19,700 to 65,650 the positive sentiment is likely to continue. Above which the market could rally till 19,850 to 66,150 further upside may also continue which could lift the index till 19,925 to 66,500."

Globally, the investor sentiment was dampened after minutes from Federal Reserve's October 31 meeting showed that officials remain cautious on future interest rates. Other Asian indices closed mixed today.

Here's how Indian benchmark indices fared on Wednesday:

Stock Market Today: Sensex, Nifty Log Two-Day Gains; FPIs Stay Net Sellers
Stock Market Today: Sensex, Nifty Log Two-Day Gains; FPIs Stay Net Sellers
Stock Market Today: Sensex, Nifty Log Two-Day Gains; FPIs Stay Net Sellers

Infosys Ltd., ITC Ltd., Reliance Industries Ltd., Axis Bank Ltd., and Tata Consultancy Services Ltd. were positively adding to the change in the Nifty 50 Index.

Whereas, HDFC Bank Ltd., Kotak Mahindra Bank Ltd., IndusInd Bank Ltd., ICICI Bank Ltd., and Mahindra & Mahindra Ltd. were negatively contributing to the change.

Sectorally, Nifty IT and Nifty Auto advanced the most, while Nifty metal and media indices declined on Wednesday.

The broader markets ended mixed. The BSE Midcap was up 0.33%, while the BSE Smallcap was 0.63% lower.

Twelve out of the 20 sectors compiled by BSE Ltd. advance. BSE Power rose the most.

The market breadth was skewed in the favour of sellers. About 2,049 stocks declined, 1,637 advanced, and 144 remained unchanged on the BSE.

In navigating the current market dynamics, a selective approach to stocks is advised, particularly in sectors such as Nifty metals, Nifty Infra, and Nifty Auto, where positive momentum is witnessed, Ameya Ranadive CMT CFTe, Research Analyst at Choice Broking said.


European Markets Trade Higher

Stock Market Today: Sensex, Nifty Log Two-Day Gains; FPIs Stay Net Sellers

CG Power Locked In 20% Upper Circuit On Chip Facility Plan

Shares of CG Power and Industrial Solutions Ltd. were locked in upper circuit of 20% after the company said that it has filed an application to set up a chip assembly and testing unit.

The company filed an application with the Ministry of Electronics and Information Technology for an outsourced semiconductor assembly and test facility and subsidy for the project under the modified scheme for the sector, according to its exchange filing

Subject to the project and the subsidy being approved, the company proposes to implement a joint venture in partnership with technology providers, it said.

Shares of the company rose to all-time high of Rs 469.35 apiece. That compares to a 0.2% decline in the NSE Nifty 50 Index.

The stock has risen 73.64% on a year-to-date basis. Total traded volume so far in the day stood at 16 times its 30-day average. The relative strength index was at 75, indicating that the stock may be overbought.

Out of six analysts tracking the company, four maintain a 'buy' rating and two suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 6.9%.


























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