Stock Market Today: Sensex, Nifty Snap Four Weeks Of Record-Setting Streak; FPIs Remain Net Sellers

Overseas investors in Indian equities remained net sellers on Friday for the second straight day.

Foreign portfolio investors offloaded stocks worth Rs 1,023.91 crore, according to data from the National Stock Exchange.

Domestic institutional investors mopped up stocks worth Rs 1,634.37 crore, the NSE data showed.

Foreign institutions have net bought Rs 45,365 crore worth of equities so far in July. They have been net buyers of Rs 1,21,772 crore worth of Indian equities in 2023, according to data from the National Securities Depository Ltd., updated till the previous trading day.

The yield on the 10-year bond closed higher at 7.16% on Friday. It closed at 7.12% on Thursday.

Source: Bloomberg

• The local currency weakened 32 paise to close at Rs 82.26 against the U.S dollar on Friday.

• It closed at 81.94 on Thursday.

Source: Bloomberg

India's benchmark stock indices ended with a little change after falling through the day led by a higher open on Friday. I.T. and private banking sectors declined, whereas realty, metal and media shares gained. The indices ended lower for the second consecutive session.

The headline indices slipped this week, snapping four weeks of record-setting advances. Intraday, Sensex fell below the 66,000 mark for the first time in two weeks and Nifty Midcap 100 hit a fresh all-time high.

Bonds around the world extended a retreat as the Bank of Japan reverted on it ultra-loose monetary policy and surprised investors by loosening its grip on yields. U.S. and European bond markets tumbled on speculation that higher yields in Japan may lead investor to repatriate cash home. On the other hand, India's benchmark 10-year govt bond's yield jumped as much a 7.18% on Friday, intraday.

European stocks edged lower, but were still set for their third straight weekly gain. In the U.S., Intel Corp. shares rose 8% in pre-market trading after the chipmaker gave a bullish revenue forecast. The S&P 500 futures rose 0.2% and Nasdaq 100 futures rose 0.5%. Chinese stocks rose, with Hong Kong-listed tech names gaining as much as 2% after regulators were said to have signaled additional support for the technology sector.

The S&P BSE Sensex Index closed down 107 points or 0.16% at 66,160 while the NSE Nifty 50 Index was 14 points or 0.07% lower at 19,646.05.

Reliance Industries Ltd., ICICI Bank Ltd., NTPC Ltd., ITC Ltd., and Bajaj Finance Ltd. were the positively adding to the change in the Nifty 50 Index.

Whereas, HDFC Bank Ltd., Infosys Ltd., TCS Ltd., Axis Bank Ltd. and Bajaj Finserv Ltd. were negatively contributing to the change.

The broader market indices outperformed larger peers; the S&P BSE MidCap Index was up 0.55%, whereas S&P BSE SmallCap Index was 0.49% higher.

Seven out of the 20 sectors compiled by BSE declined while thirteen sectors advanced. S&P BSE Utilities rose the most, while S&P BSE Teck fell the most.

The market breadth was skewed in the favour of the buyers. About 1,834 stocks rose, 1,689 declined, while 168 remained unchanged on the BSE.

On a weekly basis, the headline indices snapped four weeks of record-setting advances to end this week lower. The S&P BSE Sensex fell 0.79% and NSE Nifty 50 was lower by 0.50%.

Last week, indices advanced for the fourth time in a row, as S&P BSE Sensex rose 0.94% and NSE Nifty 50 was higher by 0.92%.

On a sectoral basis, Nifty Realty, Pharma and Media gained the most, whereas Nifty FMCG, Bank and I.T declined.

• Revenue down 2.4% at Rs 2.21 lakh crore vs Rs 2.26 lakh crore

• Net profit up 36.7% at Rs 13,750 crore vs Rs 1,0058.7 crore

• Ebitda up 44.5% at Rs 22,163 crore vs Rs 15,340.42 crore

• Margins at 10% vs 6.8%

Source: Exchange Filing