Stock Market Today: Sensex, Nifty Snap Three-Day Win Streak As Banks, Metals Drag
Sensex closed down 208 points or 0.34% at 61,773.78 while Nifty was lower by 63 points or 0.34% at 18,285.40.
KEY HIGHLIGHTS
FPIs Stay Buyers For The Third Straight Day
Overseas investors in Indian equities remained buyers for the third day in a row on Wednesday.
They snapped the longest buying spree of 16 days in 2023 on May. 19.
Foreign portfolio investors mopped up equities worth Rs 1,185.8 crore, according to data from the National Stock Exchange.
Domestic institutional investors were buyers for the fourth straight day and bought Rs 300.9 crore worth of equities.
Institutions have bought Rs 33,307 crore worth of equities in May so far, and have been net buyers of Rs 18,728 crore worth of Indian equities till date in 2023.
Yield On The 10-Year Bond Declines
The yield on the 10-year bond closed 2 bps lower at 6.99% on Wednesday.
It closed 7.01% on Tuesday
Source: Bloomberg
Rupee Strengthens Against The U.S. Dollar
The local currency appreciated by 14 paise to close at 82.67 against the greenback on Wednesday.
The local currency closed at 82.81 on Tuesday.
Source: Bloomberg
Sensex, Nifty Snap Three-Day Winning Streak
Indian equity benchmarks snapped three days of winning run to end lower in trade on Wednesday. While consumer durables advanced the most, metals and banking sectors were the top loser. HDFC twins and Adani Enterprises dragged the market, whereas ITC and Sun Pharmaceutical Industries led.
European equities retreated as worries over China’s economy, sticky inflation and the impasse in U.S. debt-ceiling negotiations continued to weigh on sentiment. LVMH was among the biggest drags on the Stoxx Europe 600 index, which headed for its largest drop in more than two months.
The MSCI Asia Pacific Index was set for its lowest close in a week, with China’s benchmark stock index erasing all its gains for the year.
U.S. equity futures pointed to another down day on Wall Street following losses of more than 1% for both the S&P 500 and Nasdaq 100 on Tuesday. Progress was limited in US debt negotiations on Tuesday, bringing the world’s biggest economy one step closer to a potential default.
The S&P BSE Sensex Index closed down 208 points or 0.34% at 61,773.78 while the NSE Nifty 50 Index was lower by 63 points or 0.34% at 18,285.40.
ITC Ltd., Sun Pharmaceutical Industries Ltd., TCS Ltd., Titan Co., and Maruti Suzuki India Ltd. were positively adding to the change in the Nifty 50 Index.
Whereas, HDFC Bank Ltd., ICICI Bank Ltd., HDFC Ltd., Adani Enterprises Ltd., and Reliance Industries Ltd. were negatively contributing to the change.
The broader markets indices ended lower; the S&P BSE MidCap Index was up 0.13%, whereas S&P BSE SmallCap Index was higher by 0.10%.
Nine out of the 19 sectors compiled by BSE declined, while 10 sectors advanced with S&P BSE Consumer Durables gaining the most.
The market breadth was skewed in the favour of the sellers. About 1,678 stocks rose 1,798 declined, and 126 remained unchanged on the BSE.
