Stock Market Today: Sensex, Nifty Rebound Led By TCS, HDFC Twins, Adani Enterprises
Sensex closed up 346 points or 0.60% at 57,960.09 while Nifty was higher by 129 points or 0.76% at 17,080.70.
KEY HIGHLIGHTS
FPIs Stay Net Buyers For The Second Straight Day
Overseas investors in Indian equities were net buyers for the second straight day on Wednesday.
Foreign portfolio investors mopped up stocks worth Rs 1,245.39 crore during the day, according to data from the National Stock Exchange.
Domestic institutional investors turned net buyers after a day and bought equities worth Rs 822.99 crore, they snapped a 13-day buying streak on March 28.
Foreign institutions invested in Indian equities have remained net sellers so far in 2023, offloading equities worth around Rs 50,915.49 crore.
Yield On The 10-Year Declines
The yield on the 10-year bond closed 2 bps lower at 7.29% on Wednesday. It closed at 7.31% on Tuesday.
Source: Bloomberg
Indian Rupee Weakens Against The U.S. Dollar
The local currency depreciated 15 paise to close at 82.34 against the greenback on Wednesday. It closed at 82.19 on Tuesday.
Source: Bloomberg
Sensex, Nifty Recover Sharply To End Higher: Closing Bell
Indian equity benchmarks ended the trading day higher as it recovered after drifting lower amid volatility on Wednesday.
European stocks rose alongside Asian shares as the Hong Kong market rallied on a planned revamp of Alibaba Group Holdings Ltd. that bodes well for Chinese technology companies. The U.S. equity futures also advanced.
The Stoxx Europe 600 Index climbed 0.6%, with tech and consumer shares gaining the most. UBS Group AG rose after the Swiss lender brought back a former CEO to oversee the acquisition of Credit Suisse Group AG. Asian stocks rose for a second day as benchmarks in Japan and Australia also increased.
Investors rushed back to Alibaba shares and other large tech companies that have been stung by a crackdown from Beijing over the past two years.
The S&P BSE Sensex Index closed up 346 points or 0.60% at 57,960.09 while the NSE Nifty 50 Index was higher by 129 points or 0.76% at 17,080.70.
Adani Enterprises Ltd., Axis Bank Ltd., Hindustan Unilever Ltd., Housing Development Finance Corp Ltd., and HDFC Bank Ltd. were positively adding to the change.
Whereas, Reliance Industries Ltd., Bharti Airtel Ltd., Asian Paints Ltd., ICICI Bank Ltd., and UPL Ltd. were negatively contributing to the change in the Nifty 50 Index.
All Adani Group company stocks advanced in trade, except Adani Transmission Ltd., Adani Green Energy Ltd., and Adani Total GasLtd.
The broader market indices outperformed the larger peer; S&P BSE MidCap was up 1.67% whereas S&P BSE SmallCap was higher by 1.68%.
Nineteen out of 20 sectors compiled by BSE advanced, while S&P BSE Oil and Gas declined.
The market breadth was skewed in the favour of buyers. About 2,189 stocks rose 1,328 declined, and 121 remained unchanged on the BSE.
Indian Benchmarks Surge
Indian benchmarks were trading higher as global markets stood reslient following the planned revamp of Alibaba Group Holdings Ltd. that bodes well for Chinese technology companies.
