Stock Market Today: Sensex, Nifty End At Over Two-Month High Led By RIL, L&T, Nestle, SBI, ITC
Sensex Index closed up 463 points or 0.76% at 61,112.44 while Nifty was higher by 150 points or 0.84% at 18,065.
KEY HIGHLIGHTS
FPIs Stay Net Buyers For The Third Straight Day
Overseas investors in Indian equities remained net buyers for the third day in a row on Friday.
Foreign portfolio investors mopped up equities worth Rs 3,304.32 crore, according to data from the National Stock Exchange.
Domestic institutional investors were buyers for the second day and bought stocks worth Rs 264.27, the NSE data showed.
Foreign institutions have remained net sellers and have offloaded Rs 44,845.83 crore worth of stocks so far in 2023.
Yield On The 10-Year Rises
The yield on the 10-year bond closed 2 bps higher at 7.12% on Friday. It closed at 7.10% on Thursday.
Source: Bloomberg
Rupee Ends Flat Against U.S. Dollar
The local currency ended flat at 81.83 against the greenback on Friday.
It closed at 81.84 on Thursday.
Source: Bloomberg
Sensex Gains For Seven And Nifty For Fifth Consecutive Session
Indian equity benchmarks steadily recovered after paring morning volatility to end near day's high on Friday. While, I.T., PSU banks and media stocks rose since morning, private banks and NBFCs reversed early fall. Consumer durables, on the other hand, were weaker in trade. Sensex closed at its highest level since Feb 17, 2023. On the other hand, Nifty ended at its highest level since Feb. 16, 2023.
The headlines indices rose on a weekly basis on Friday after snapping a three week long winning streak last week. Nifty logged its best gains in 39 weeks or nine months since the last week of July 2022.
Global stocks ceded earlier gains, as data showing economic resilience and persistent inflationary pressures cemented expectations of further interest rate hikes in the U.S. and Europe.
Japanese stocks bucked the trend, surging as much as 1.5% on the central bank’s decision to double down on its commitment to stimulus. The Bank of Japan left its short-term policy rate at minus 0.1% in the first meeting under new governor Kazuo Ueda
Europe’s Stoxx 600 equity benchmark retreated along with futures on the S&P 500 and the Nasdaq with sentiment dampened by a warning from Amazon.com Inc. that growth in its key cloud computing business is cooling.
The S&P BSE Sensex Index closed up 463 points or 0.76% at 61,112.44 while the NSE Nifty 50 Index was higher by 150 points or 0.84% at 18,065.
Reliance Industries Ltd., Larsen & Toubro Ltd., Nestle India Ltd., IndusInd Bank Ltd., and Maruti Suzuki India Ltd. were positively adding to the change.
Whereas, Oil & Natural Gas Corp Ltd., HCL Technologies Ltd., Titan Co., JSW Steel Ltd., and Axis Bank Ltd. were negatively contributing to the change in the Nifty 50 Index.
All Adani group company stocks advanced in trade with Adani Power Ltd., Adani Transmission Ltd., NDTV Ltd., and Adani Enterprises Ltd. advancing the most.
The broader market indices ended higher and outperformed the larger peers; S&P BSE MidCap Index was up by 1.32%, whereas S&P BSE SmallCap Index was higher by 0.91%.
Nineteen out of the 20 sectors compiled by BSE advanced, while only S&P BSE Consumer Durables declined in trade.
The market breadth was skewed in the favour of the buyers. About 2,249 stocks rose 1,249 declined, and 131 remained unchanged on the BSE.
The headline indices resumed advances this week after snapping the three week gaining streak in the previous weeks. Sensex logged weekly gains of 2.44%, whereas Nifty advanced 2.50%, logging the best gains in 39 weeks or nine months since the last week of July 2022.
The S&P BSE Sensex Index declined 1.28%, and the NSE Nifty 50 Index was down 1.14%.
All the sectors advanced in trade this week. Nifty PSU Bank Index and Nifty Realty Index led the pack, while Nifty Pharma Indexand Nifty Media Index, on the other hand gained the least out of all the sectoral indices complied by NSE.
European Markets Trade Lower
