Stock Market Today: Sensex, Nifty Advance For Second Day As RIL, ITC, Asian Paints Lead; FPIs Turn Net Buyers
Sensex closed up 419 points or 0.67% at 63,143.16 while Nifty was 115 points or 0.62% higher at 18,716.15.
KEY HIGHLIGHTS
Foreign Institutional Flows
Overseas investors in Indian equities turned net buyers after two days of selling on Tuesday.
Foreign portfolio investors mopped up stocks worth Rs 1,677.6 crore, according to data from the National Stock Exchange. This was the highest amount of net buying by FPIs this month so far.
Domestic institutional investors were net sellers and offloaded equities worth Rs 203.32 crore, the NSE data showed.
10-Year Bond Yield Falls
Yield on the 10-year bond fell 2 bps to close at 7% on Tuesday.
It closed at 7.02% on Monday.
Source: Bloomberg
Rupee Strengthens Against The U.S. Dollar
The local currency strengthens about 5 paise to close at 82.38 against the U.S dollar on Tuesday.
The local currency closed at 82.43 on Monday.
Source: Bloomberg
Sensex, Nifty End At A Six-Month High
India's benchmark stock indices held steady gains on Tuesday as realty, FMCG and pharma sectors advanced and while the automotive sector was under pressure. While, Reliance Industries Ltd., ITC Ltd., and Asian Paints Ltd. led the gains, Kotak Mahindra Bank and TCS Ltd. were the top drags.
Asian markets rose by more than 1% as China unveiled stimulus measures, partially reported by Bloomberg News earlier this month. Investor speculation about looming cuts to China’s longer-term policy rates intensified on Tuesday after the central bank unexpectedly lowered its seven-day reverse repurchase rate.
Technology stocks advanced in Europe, while U.S. benchmarks climbed after the Nasdaq 100 and the S&P 500 closed at the highest levels since April 2022.
The S&P BSE Sensex closed up 419 points or 0.67% at 63,143.16 while the NSE Nifty 50 Index 115 points or 0.62% higher at 18,716.15.
Reliance Industries Ltd., ITC Ltd., Asian Paints Ltd., Infosys Ltd., and Titan Co. were positively adding to the change.
Whereas, Kotak Mahindra Bank Ltd., HDFC Bank Ltd., TCS Ltd., State Bank of India, and HDFC Ltd. were negatively contributing to the change.
The broader market indices outperformed the larger peers; the S&P BSE MidCap Index was up 1.17%, whereas S&P BSE SmallCap Index was higher by 0.82%.
All the 20 sectors compiled by BSE advanced, except S&P BSE Services.
The market breadth was skewed in the favour of the buyers. About 2,116 stocks rose, 1,468 declined, and 138 remained unchanged on the BSE.
Real Estate Stocks Advance As Residential Prices Jump In Jan-March Quarter As Per Knight Frank
Shares of real estate companies advanced in trade on Tuesday after a recent Knight Frank report showed that the residential real estate prices in Mumbai, Bengaluru, and Delhi have increased on an annual basis in the first quarter of the current calendar year.
The prices jumped by 5.5%, 3% and 1.2% year-on-year for the residential properties in Mumbai, Bengaluru, and Delhi respectively
Mumbai has climbed from the 38th position to the sixth position, according to the report. Similarly. Bengaluru and New Delhi also witnessed an upward movement in the index ranking to 16th and 22nd from their previous 37th and 39th ranks respectively in Q1 2022.
Additionally, Dubai has the most expensive residential real estate globally as it took the top position with a price rise of 44. 2% in January-March 2023 quarter.
Shares of real estate companies were trading higher on Tuesday as the NSE Nifty Realty Index rose 2.94%, as compared to a 0.65% advance in the NSE Nifty 50.
Eight out of the 10 constituents compiled by the gauge advanced, whereas Mahindra Lifescape Developers Ltd., and Phoenix Mills Ltd. declined in trade.
Macrotech Developers Ltd., Sobha Ltd., and Godrej Properties Ltd. gained nearly 3% in trade.
