Stock Market Today: Sensex, Nifty Log Fourth Day Of Gains To End At Fresh Record Highs; FPIs Remain Net Buyers
Sensex closed 487 points or 0.75% at 65,205.05 while Nifty was 134 points or 0.70% higher at 19,322.55.
KEY HIGHLIGHTS
FPIs Remain Net Buyers
Overseas investors continued their net buying of Indian equites on Monday.
Foreign portfolio investors mopped up stocks worth Rs 1,995.92 crore, according to data from the National Stock Exchange.
Domestic institutional investors turned net sellers and offloaded equities worth Rs 337.80 crore, the NSE data showed.
Foreign institutions net bought Rs 47,148 crore worth of equities in June. They have been net buyers of Rs 88,257 crore worth of Indian equities so far in 2023, according to the National Securities Depository Ltd.
Yield On The 10-Year Bond Ends Flat
The yield on the 10-year bond closed flat at 7.12% on Monday. It closed at 7.12% on Friday.
Source: Bloomberg
Rupee Strengthens Against The U.S. Dollar
The local currency strengthened 8 paise to close at 81.96 against the U.S dollar on Monday.
The local currency closed at 82.04 on Friday.
Source: Bloomberg
Sensex, Nifty End At A Fresh Record Close: Closing Bell
India's benchmark stock indices held on to steady gains and ended at fresh life time highs on Monday. The headline indices continued their record moves from the previous week after logging the best week in over 11 months. Ahead of closing on Monday, the Sensex jumped 0.90% to a record high of 65,300.35 points. Nifty 50, on the other hand, rose 0.81% to 19,345.10 points. Furthermore, Nifty Bank breached 45,000-mark to hit an intraday high of 45,353.20 points.
While, energy and PSU banking sector advanced pharma and I.T. were under pressure. RIL Ltd., ITC Ltd. and HDFC Ltd. led the positive change on the indices, whereas TCS Ltd., Larsen & Toubro Ltd., and Infosys Ltd.
Banks and miners led gains in Europe, while Japan’s Topix index continued to reach highs last seen in the mid-1990s amid improved confidence among big manufacturers. Pakistan’s index surged the most in over three years after the nation received an initial $3 billion loan deal from the International Monetary Fund, easing default fears.
Stocks kicked off the new quarter on a bullish note, with electric-car makers Tesla Inc. and BYD Co. climbing on record quarterly sales. Tesla gained 6.3% in premarket trading, while BYD climbed in Hong Kong trading, leading shares of battery suppliers also higher. Contracts on the Nasdaq 100 climbed, after the tech index notched its best-ever first half of a year.
The S&P BSE Sensex Index closed 487 points or 0.75% at 65,205.05 while the NSE Nifty 50 Index was 134 points or 0.70% higher at 19,322.55.
Reliance Industries Ltd., ITC Ltd., HDFC Ltd., State Bank of India, and Bajaj Finance Ltd. were the positively adding to the change in the Nifty 50 Index.
Whereas, TCS Ltd., Larsen & Toubro Ltd., Infosys Ltd., Axis Bank Ltd., and Sun Pharmaceutical Industries Ltd., and were negatively adding to the change.
The broader market indices ended higher; the S&P BSE MidCap Index was up 0.30%, whereas S&P BSE SmallCap Index was 0.56% higher.
Ten out of the 19 sectors compiled by BSE advanced with S&P BSE Oil & Gas and S&P BSE Energy gaining the most. Nine sectors declined.
The market breadth was skewed in the favour of the buyers. About 1,991 stocks rose, 1,558 declined, while 168 remained unchanged on the BSE.
Nomura Maintains 'Buy' On Fortis Healthcare Despite Lower Ebitda Margins Against Peers
Fortis Healthcare Ltd. is expected to continue its revenue growth owing to sustained improvement in its Ebitda margin, according to a Nomura note.
While Fortis' Ebitda margins lag behind those of its peers, the company's hospitals business is on the mend due to accelerated revenue growth post the IHH takeover in 2018, the note said.
Nomura said that Fortis Healthcare's Ebitda margin improvement will be driven by three factors in the near-to-medium term. These are Fortis' expected divestment and closure of loss-making facilities, the addition of almost 1,400 beds through brownfield expansion, and the rising contribution of oncology in the short- to medium-term.
The research firm maintains a 'buy' on the stock with a price target of Rs 368 per share, raising it from the previous target price of Rs 325 apiece.
Shares of Fortis Healthcare were trading 0.22% lower at Rs 314.35 apiece on Monday, compared with a 0.65% growth in the benchmark Nifty 50.
All 12 analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month price target implies an upside of 12.1%.
