Stock Market Today: Sensex, Nifty End Fifth Day Higher As L&T, HDFC, ICICI Bank Lead; FPIs Remain Net Sellers
Live updates on India's equity markets on Sept. 7.
KEY HIGHLIGHTS
FPIs Remain Net Sellers
Overseas investors remained net sellers of Indian equities on Thursday for the fourth consecutive session.
Foreign portfolio investors offloaded stocks worth Rs 758.55 crore, according to provisional data from the National Stock Exchange.
Domestic institutional investors turned net buyers and mopped up equities worth Rs 28.11 crore, the NSE data showed.
Foreign institutions have been net buyers of Rs 1,31,804 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 Lower
The yield on the 10-year bond closed 3 bps lower at 7.18% on Thursday.
Source: Bloomberg
Indian Rupee Closes At Its Lowest Ever Level Of 83.21 Against The U.S Dollar
The local currency depreciated 7 paise to close at all time weakest level of 83.21 against the U.S. dollar on Thursday.
As per intraday trade, Rs 83.29 per dollar remains the weakest-ever level the rupee touched on Oct. 10, 2022.
It closed at 83.14 on Wednesday.
Source: Bloomberg
Sensex, Nifty Register Longest Stretch Of Gains In Eight Weeks: Market Wrap
India's benchmark stock indices reversed losses to end higher for the fifth session on Thursday. Nifty ended above 19,700 and Sensex closed beyond 66,000 mark for the first time since Aug. 1, 2023. Five days of advance was the longest in eight weeks since since July 13 to July 19 period.
Realty and PSU banking sector led, whereas fast moving consumer goods and pharmaceutical shares were under pressure.
The S&P BSE Sensex closed up 385 points, or 0.58%, at 66,265.56, while the NSE Nifty 50 was 116 points of 0.59% higher at 19,727.05.
European stocks headed for their longest run of losses in more than five years after weak German economic data. The Stoxx 600 gauge retreated for a seventh day as German industrial output declined again in July, further holding back Europe’s biggest economy.
Downward pressure on U.S. equity futures intensified as more details emerged about China’s plans to ban iPhones from certain government departments and state-backed agencies and companies in a blow to Apple Inc. Japan’s Nikkei 225 fell 0.75%. Australia’s S&P/ASX 200 fell 1.19% and Hong Kong’s Hang Seng fell 1.34%.
Oil clung to a Wednesday gain, extending a run of nine daily advances. West Texas Intermediate has risen around a fifth in the past three months to edge closer toward $90 per barrel.
Larsen & Toubro Ltd., HDFC Bank Ltd., ICICI Bank Ltd., Coal India Ltd., and Axis Bank Ltd. were positively adding to the change in the Nifty 50 Index.
Whereas, Infosys Ltd., Hindustan Unilever Ltd., ITC Ltd., Bharti Airtel Ltd., and Tata Consumer Products Ltd. were negatively contributing to the change.
The broader market indices ended higher; the S&P BSE MidCap Index was up 0.79%, whereas S&P BSE SmallCap Index was also 0.40% higher.
Nineteen the 20 sectors compiled by BSE advanced, while S&P BSE Fast Moving Consumer Goods declined. S&P BSE Capital Goods, S&P BSE Industrials rose the most.
The market breadth was skewed in the favour of the buyers. About 2,241 stocks rose, 1,436 declined, while 130 remained unchanged on the BSE.
Jammu & Kashmir Bank Has 10 Lakh Shares Change Hands
About 10 lakh shares changed hands in a large trade.
0.1% equity changed hands at Rs 99.30 apiece.
Buyers and sellers not known immediately.
Source: Bloomberg
