Stock Market Today: Sensex, Nifty Resume Rally After One-Day Blip As Fed Hints At A Pause
Sensex closed up 556 points or 0.91% at 649.25 while the Nifty was higher by 166 points or 0.92% at 18,255.80.
KEY HIGHLIGHTS
FPIs Stay Net Buyers For The Sixth Straight Day
Overseas investors in Indian equities remained net buyers for the sixth day in a row on Thursday.
Foreign portfolio investors mopped up equities worth Rs 1,414.73 crore, according to data from the National Stock Exchange.
Domestic institutional investors, turned buyers snaaping two days selling streak and bought stocks worth Rs 441.56 crore, the NSE data showed.
Foreign institutions have remained net sellers and have offloaded Rs 40,095.75 crore worth of stocks so far in 2023.
Yield On The 10-Year Bond Flat
The yield on the 10-year bond closed flat at 7.01% on Thursday.
Source: Bloomberg
Rupee Strengthens Against U.S. Dollar
The local currency appreciated 3 paise to close at 81.80 against the greenback on Thursday.
It closed at 81.83 on Wednesday.
Source: Bloomberg
Sensex, Nifty Gain The Most In Over Four Weeks As Heavyweights, HDFC Twins, RIL, TCS Lead
Indian equity benchmarks drifted higher to end the highest in over a month since March 31, 2023 on Thursday. This comes after Federal Reserve rose policy rates by 25 bps and the chairman Jerome Powell played down the prospect for interest-rate cuts in the future on Wednesday.
While non-banking financial companies, PSU banks and metals gained, FMCG and realty stocks were under pressure. Nifty ended above 18,200-mark, while Sensex was comfortably placed above 61,700-level.
Few Asian markets were on course for the best day in about three weeks, helped by gains in Hong Kong shares. Stocks in mainland China whipsawed as they resumed trading after a three-day break.
European markets declined as investors studied a slew of earnings for clues on the state of the economy and prepared for a rates decision from the European Central Bank later on Thursday. Energy shares were the only European sector posting gains.
The S&P 500 futures fell 0.2%, Nasdaq 100 futures were little changed and the futures on the Dow Jones Industrial Average fell 0.2%.
Even as banking turmoil fears led to the mounting pressure from lawmakers to pause, the Federal Open Market Committee delivered a quarter point hike taking the federal fund rates in the range of 5% to 5.25%, the highest since 2007, on Wednesday. Also, Federal Reserve Chair Jerome Powell later in his speech cleared expectations on having no rate cuts anytime soon.
The S&P BSE Sensex Index closed up 556 points or 0.91% at 61,749.25 while the NSE Nifty 50 Index was higher by 166 points or 0.92% at 18,255.80.
HDFC Bank Ltd., HDFC Ltd., Reliance Industries Ltd., Bajaj Finance Ltd., and TCS Ltd. were positively adding to the change.
Whereas, ITC Ltd., ICICI Bank Ltd., IndusInd Bank Ltd. were negatively contributing to the change in the Nifty 50 Index.
The broader market indices ended higher; S&P BSE MidCap Index was up by 0.82%, whereas S&P BSE SmallCap Index was higher by 0.83%.
Eighteen out of the 19 sectors compiled by BSE advanced, while S&P BSE Fast Moving Consumer Goods declined in trade.
The market breadth was skewed in the favour of the buyers. About 2,246 stocks rose 1,275 declined, and 119 remained unchanged on the BSE.
