Stock Market Today: Sensex, Nifty Rise For The Fourth Day As PSU Banks Gain; Consumer Durables Decline
Sensex closed up 75 points or 0.12% at 60,130.71 while Nifty was higher by 26 points or 0.15% at 17,769.25.
KEY HIGHLIGHTS
Rupee Flat Against U.S. Dollar
Sensex, Nifty Rise For The Fourth Consecutive Session
Adani Ports Bond Buyback Eases Refinancing Risk, Says S&P Global Ratings
Stocks In Focus: Sensex, Nifty Flat; IPCA Labs Sink, Zomato Zooms
Every Cyclical Dip Is A Structural Buying Opportunity, Says Enam AMC: Talking Point
FPIs Stay Net Sellers For The Seventh Straight Day
Overseas investors in Indian equities remained net sellers for the seventh day in a row on Tuesday.
Foreign portfolio investors offloaded equities worth Rs 407.35 crore, according to data from the National Stock Exchange.
Domestic institutional investors were buyers for the fourth straight day and mopped up stocks worth Rs 563.61 crore, the NSE data showed.
Foreign institutions have remained net sellers and have offloaded Rs 51,060.58 crore worth of stocks so far in 2023.
Yield On The 10-Year Rises
The yield on the 10-year bond closed 3 bps higher at 7.13% on Tuesday. It closed at 7.10% on Monday.
Source: Bloomberg
Rupee Flat Against U.S. Dollar
The local currency ended flat at 81.92 against the greenback on Tuesday.
It closed at 81.91 on Monday.
Source: Bloomberg
Sensex, Nifty Rise For The Fourth Consecutive Session
Indian equity benchmarks ended Tuesday with gains after recovering from day's low in early trade. Advances in PSU banking stocks were offset by the decline in consumer durables. Sensex closed above the 60,000 level for the second day in a row, whereas Nifty closed at it's highest since April 17, 2023.
Stocks in Asia were mixed, while the European markets declined as investors parsed a flood of earnings reports from some of the region’s biggest companies. The Stoxx Europe 600 index dropped about 0.5%, with Swiss lender UBS Group AG dragging banks lower after results that fell short of analysts’ expectations.
U.S. equity futures declined after First Republic Bank’s results reignited concerns about prospects for its business after weeks of calm in the banking sector. Contracts on the S&P 500 and the Nasdaq 100 traded about 0.5% lower. Heavyweights including Microsoft Corp. and Alphabet Inc. will report results later Tuesday.
The S&P BSE Sensex Index closed up 75 points or 0.12% at 60,130.71 while the NSE Nifty 50 Index was higher by 26 points or 0.15% at 17,769.25.
IndusInd Bank Ltd., Reliance Industries Ltd., Bajaj Finance Ltd., Bharti Airtel Ltd., and JSW Steel Ltd. were positively adding to the change.
Whereas, HDFC Life Insurance Co Ltd., Axis Bank Ltd., Housing Development Finance Corp Ltd., Power Grid Corp of India Ltd., and HDFC Bank Ltd. were negatively contributing to the change in the Nifty 50 Index.
All Adani Group company stocks advanced in trade, with Adani Total Gas Ltd., Adani Transmission Ltd., and Adani Green Energy Ltd. rising the most in trade.
The broader market indices were ended marginally higher; S&P BSE MidCap Index was unchanged, whereas S&P BSE SmallCap Index was higher by 0.19%.
Sixteen out of the 20 sectors compiled by BSE advanced, while S&P BSE Financial Services, S&P BSE Healthcare, S&P BSE Information Technology and S&P BSE Cosumer Durables declined in trade.
The market breadth was skewed in the favour of the buyers. About 1,888 stocks rose 1,640 declined, and 121 remained unchanged on the BSE.
Adani Ports Bond Buyback Eases Refinancing Risk, Says S&P Global Ratings
Adani Ports and Special Economic Zone will have “adequate liquidity” over the next 12 months and will remain flexible with capex, S&P Global Ratings said in a statement.
The bond tender should reduce Adani Ports’s debt ahead of the maturity of its $650 million 3.375% senior unsecured notes in July 2024.
S&P expects Adani Ports to have sufficient cash balance to repay the notes.
Source: Bloomberg, S&P Global Ratings
