Stock Market Today: Sensex, Nifty Extend Decline To Third Day As ICICI, HDFC Bank Drag; FPIs Stay Net Sellers
Sensex closed down 542 points or 0.82% at 65,240.68 while Nifty was 145 points or 0.74% lower at 19,381.65.
KEY HIGHLIGHTS
FPIs Remain Net Sellers
Overseas investors in Indian equities remained net sellers on Thursday for the sixth session in a row.
Foreign portfolio investors offloaded stocks worth Rs 317.46 crore, according to data from the National Stock Exchange.
Domestic institutional investors turned net buyers and mopped up stocks worth Rs 1,729.19 crore, the NSE data showed.
Foreign institutions net sold Rs 2,250 crore worth of equities in August so far. They have been net buyers of Rs 1,20,775 crore worth of Indian equities in 2023, according to data from the National Securities Depository Ltd., updated till the previous trading day.
Yield On The 10-Year Bond Ends Higher
The yield on the 10-year bond closed higher at 7.2% on Thursday. It closed at 7.15% on Wednesday.
The yield closed highest since April 20.
Source: Bloomberg
Rupee Weakens Against The U.S. Dollar
The local currency weakened 14 paise to close at Rs 82.73 against the U.S dollar on Thursday.
It closed at 82.59 on Wednesday.
Source: Bloomberg
Sensex, Nifty Decline Nearly 1%: Closing Bell
India's benchmark stock indices opened lower and declined over 1% through Thursday to end lower for the third consecutive session. The yield on the 10-year government securities rose to an over three-month high, whereas the rupee weakened.
Pharmaceutical and media sectors advanced in trade, whereas realty and banks were under pressure. Intraday, the indices fell to their lowest level in a month as Sensex slipped below 65,000 mark and Nifty dropped below 19,300 level. Also, Nifty Pharma surged 2.07% to a record high at 15,253.20 points.
Globally, stocks deepened a slump, unraveling more of this year’s high-powered rally as treasuries added to their decline. Investors braced for another interest rate increase from the Bank of England later on Thursday.
European stocks fell 1% as they headed for their steepest three-day retreat since March. U.S. contracts signaled further weakness after the worst session in three months for the S&P 500. Asian shares also dropped for a third day.
The S&P BSE Sensex Index closed down 542 points or 0.82% at 65,240.68 while the NSE Nifty 50 Index was 145 points or 0.74% lower at 19,381.65.
Infosys Ltd., Adani Enterprises Ltd., Adani Ports & SEZ Ltd., Sun Pharmaceutical Industries Ltd., and Eicher Motors Ltd. were the positively adding to the change in the Nifty 50 Index.
Whereas, ICICI Bank Ltd., HDFC Bank Ltd., TCS Ltd., Reliance Industries Ltd., and ITC Ltd. were negatively contributing to the change.
The broader market indices outperformed larger peers; the S&P BSE MidCap Index was up 0.14%, whereas S&P BSE SmallCap Index was 0.23% higher.
Sixteen out of the 19 sectors compiled by BSE declined while three sectors advanced. S&P BSE Healthcare rose the most, whereas S&P BSE Realty and S&P BSE Metal fell the most.
The market breadth was skewed in the favour of the buyers. About 1803 stocks rose, 1760 declined, while 152 remained unchanged on the BSE.
Sensex, Nifty Fall Over 1% To Decline For The Third Day: Market Wrap
India's benchmark stock indices opened lower and declined over 1% through Thursday to end lower for the third consecutive session. The yield on the 10-year government securities rose to an over three-month high, whereas the rupee weakened.
Pharmaceutical and media sectors advanced in trade, whereas realty and banks were under pressure. Intraday, the indices fell to their lowest level in a month as Sensex slipped below 65,000 mark and Nifty dropped below 19,300 level. Also, Nifty Pharma surged 2.07% to a record high at 15,253.20 points.
Globally, stocks deepened a slump, unraveling more of this year’s high-powered rally as treasuries added to their decline. Investors braced for another interest rate increase from the Bank of England later on Thursday.
European stocks fell 1% as they headed for their steepest three-day retreat since March. U.S. contracts signaled further weakness after the worst session in three months for the S&P 500. Asian shares also dropped for a third day.
The S&P BSE Sensex Index closed down 542 points or 0.82% at 65,240.68 while the NSE Nifty 50 Index was 145 points or 0.74% lower at 19,381.65.
