Stock Market Today: Sensex, Nifty Fall The Most In Seven Weeks As HDFC Twins Drop On MSCI Update

Overseas investors in Indian equities remained net buyers for the seventh day in a row on Friday.

Foreign portfolio investors mopped up equities worth Rs 777.68 crore, according to data from the National Stock Exchange.

Domestic institutional investors turned sellers after a day and sold stocks worth Rs 2198.77, the NSE data showed.

Foreign institutions have remained net sellers and have offloaded Rs 39,318.07 crore worth of stocks so far in 2023.

Indian equity benchmarks ended with losses on Friday as heavyweights HDFC twins were dragged the indices after MSCI said it will add HDFC Bank Ltd. to MSCI Global Standard Indices after the merger with HDFC Ltd. The inclusion will lead to no incremental inflows, but slight outflow of up to $200 million, according to a Nuvama Alternative & Quantitative Research.

Despite falling on Friday, the headline indices were largely unchanged and ended mixed for the week as Nifty advanced while Sensex declined. Banks, NBFCs, media fell in trade whereas, auto and consumer durable shares advanced. Nifty closed below 18,100-level, whereas Sensex dropped to 61,100-mark. The indices fell the most in over seven weeks since March 13, 2023.

Asian stocks were mixed and the dollar weakened, as investors weighed the prospect of the Federal Reserve reversing its policy-tightening campaign ahead of the U.S. jobs data due later Friday.

European stocks were steady as they headed for the worst weekly decline in seven on another busy day of earnings. Adidas AG was among the leading gainers after the sportswear company’s first-quarter results beat estimates.

U.S. equity futures edged higher as investors awaited jobs data for clues on the strength of the economy. PacWest Bancorp jumped as much as 26% in premarket trading, leading a rebound across regional banking stocks. Apple Inc. rose in late hours on Thursday after reporting earnings.

The S&P BSE Sensex Index closed down 695 points or 1.13% at 61,054.29 while the NSE Nifty 50 Index was lower by 187 points or 1.02% at 18,069.

HDFC Bank Ltd., HDFC Ltd., Infosys Ltd., IndusInd Bank Ltd., and Kotak Mahindra Bank Ltd. were negatively adding to the change.

Whereas, ITC Ltd., ICICI Bank Ltd., Titan Co., L&T Ltd., and Maruti Suzuki India Ltd., were positively contributing to the change in the Nifty 50 Index.

The broader market indices were ended lower; S&P BSE MidCap Index was down by 0.50%, whereas S&P BSE SmallCap Index was lower by 0.39%.

Thirteen out of the 19 sectors compiled by BSE declined, while six sectors advanced in trade.

The market breadth was skewed in the favour of the sellers. About 1,498 stocks rose 2,014 declined, and 128 remained unchanged on the BSE.

The headline indices ended the week largely unchanged, on a mixed note. Sensex logged weekly losses of 0.10%, whereas Nifty advanced 0.02%.

Last week, S&P BSE Sensex Index advanced 2.44%, and the NSE Nifty 50 Index was up 2.50%.

Sectorally, Nifty Auto Index, Nifty Midcap 100 Index and Nifty FMCG Index led the pack this week, while Nifty Bank Index, Nifty Media Index and Nifty PSU Bank Index were the worst performer of the week.

Nifty 500 stocks hitting 52-week low, intraday.

• NII up 80.3% at Rs 600.71 crore vs Rs 333.20 crore (YoY)

• Net Profit up 67% at Rs 902.61 crore vs Rs 540.54 crore (YoY)

• GNPA at 2.36% vs 2.43% (QoQ)

• NNPA at 0.69% vs 0.73% (QoQ)

• The board has recommended a final dividend of Rs 1/share for FY23.

Source: Exchange fling

• Revenue rose 2% to Rs 3,629 crore Vs Rs 3,573 crore [BBG Estimate: Rs 2,728 crore]

• Net Profit fell 43% to Rs 135.5 crore vs Rs 235.7 crore [BBG Estimate: Rs 286 crore]

• EBITDA fell 21% to Rs 438.5 crore Vs Rs 554 crore [BBG Estimate: Rs 547 crore]

• EBITDA margin stood at 12.1% Vs 15.5% [BBG Estimate: 20.1%]

Source: Exchange filing