Stock Market Today: Sensex, Nifty Log Two-Day Gains As Infosys, HDFC Bank; Lead; FPIs Turn Net Sellers
Sensex closed up 241 points, or 0.37%, at 65,628.14, while Nifty was 94 points, or 0.48%, higher at 19,528.80.
KEY HIGHLIGHTS
Rupee Weakens Against The U.S. Dollar
Sensex, Nifty Advance For The Second Consecutive Session: Market Wrap
Bharat Heavy Electricals Wins 2,880 MW Hydropower Orders For Dibang Multipurpose Project
JSW Steel Hikes Flat Steel Prices For Early September
KPI Green Energy Gets 9 MW Solar Project Order From Gujarat Polyfilms Private
FPIs Turn Net Sellers
Overseas investors turned net sellers of Indian equities on Monday.
Foreign portfolio investors offloaded stocks worth Rs 3,367.7 crore, according to provisional data from the National Stock Exchange.
Domestic institutional investors remained net buyers and mopped up equities worth Rs 2,563.5 crore, the NSE data showed.
Foreign institutions have been net buyers of Rs 1,38,324 crore worth of Indian equities so far 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 4 bps higher at 7.21% on Monday.
Source: Bloomberg
Rupee Weakens Against The U.S. Dollar
The local currency weakened 3 paise to close at Rs 82.75 against the U.S dollar on Monday.
It closed at 82.72 on Friday.
Source: Bloomberg
Sensex, Nifty Advance For The Second Consecutive Session: Market Wrap
India's benchmark stock indices opened higher and held on to steady gains through Monday. Indices advanced for the second day as Sensex closed above 65,600 level and Nifty rose beyond 19,500 mark.
Metals led, along with advances in PSU banks, I.T., realty, and media sectors. Consumer durables and fast moving consumer goods, on the other hand, were under pressure. Nifty IT scaled a fresh 16-month high, whereas Nifty Auto and Nifty Metal hit record highs, intraday.
The S&P BSE Sensex closed up 241 points, or 0.37%, at 65,628.14, while the NSE Nifty 50 was 94 points, or 0.48%, higher at 19,528.80.
European stocks climbed, bolstered by signs China’s stimulus measures are seeping through into the economy and wagers that global interest rates are approaching a peak.
The Stoxx 600 gauge rose 0.9%, halting three days of losses. Gains were led by resources shares, including mining giants Rio Tinto Plc, Glencore Plc and Anglo American Plc, as metals prices rallied. U.S. markets will be shut Monday for the Labor Day holiday but futures advanced after the S&P 500 Index posted its best week since June.
The Hang Seng index jumped more than 3% Monday before paring gains, while a Bloomberg gauge of Chinese developer shares jumped as much as 8.7%. Central banks in Australia and Canada are expected to keep interest rates unchanged this week.
Infosys Ltd., HDFC Bank Ltd., HCL Technologies Ltd., TCS Ltd., and Tata Steel Ltd. were positively adding to the change in the Nifty 50 Index.
Whereas, ITC Ltd., Axis Bank Ltd., Mahindra & Mahindra Ltd., Kotak Mahindra Bank Ltd., and Bajaj Finance Ltd. were negatively contributing to the change.
The broader market indices outperformed larger peers; the S&P BSE MidCap Index was up 0.96%, whereas S&P BSE SmallCap Index was also 0.84% higher.
Eighteen the 20 sectors compiled by BSE advanced, while S&P BSE Fast Moving Consumer Goods and S&P BSE Consumer Durables declined. S&P BSE Metal, S&P BSE Commodities, S&P BSE Utilities rose the most.
The market breadth was skewed in the favour of the buyers. About 2,303 stocks rose, 1,441 declined, while 197 remained unchanged on the BSE.
Bharat Heavy Electricals Wins 2,880 MW Hydropower Orders For Dibang Multipurpose Project
Bags 2,880 MW hydropower orders for Dibang Multipurpose Project from NHPC.
Source: Exchange filing
