Stock Market Today: Nifty, Sensex Snap Three-Week Winning Streak After Friday Drop
Here are the news updates about India's stock markets on April 12.
KEY HIGHLIGHTS
FPIs Turn Net Sellers After A Day
Overseas investors turned net sellers of Indian equities on Friday. Foreign portfolio investors offloaded stocks worth Rs 8,027.00 crore, according to provisional data from the National Stock Exchange.
Domestic institutional investors remained net buyers and mopped up equities worth Rs 6,341.53 crore, the NSE data showed.
Foreign institutions have been net buyers of Rs 24240 crore worth of Indian equities so far in 2024, according to data from the National Securities Depository Ltd., updated till the previous trading day.
The NSE Nifty 50 closed 234.40 points, or 1.03%, lower at 22,519.40, and the BSE S&P Sensex declined 793.25 points, or 1.06%, to end at 74,244.90.
Yield On The 10-Year Bond Ends Higher
The yield on the 10-year bond closed 7 bps higher at 7.18%.
Source: Bloomberg
Rupee Weakens Against U.S. Dollar
The local currency weakened by 23 paise to close at 83.42 against the U.S dollar.
It closed at 83.19 on Wednesday.
Source: Bloomberg
Nifty, Sensex Snaps Three-Week Winning Streak After Friday Drop: Market Wrap
India's benchmark indices ended sharply lower on profit booking and as heavy-weight HDFC Bank Ltd., Larsen & Toubro Ltd. dragged.
The Nifty closed at 22,519.40, down 234.40 points or 1.03% while the Sensex ended 793.25 points or 1.06% lower at 74,244.90.
In terms of the week, the benchmark indices snapped three-week winning streak to end the week flat.
Intraday, the NSE Nifty 50 fell 1.06% to 22,512.70, the S&P BSE Sensex declined 1.10% to 74,213.76.
"Nifty slipped lower as it experienced a consolidation breakdown in the lower timeframe. The sentiment appears somewhat negative for the short term. However, there is observed support at 22500 on a closing basis. As long as it maintains above 22500 on a closing basis, we do not anticipate a significant correction in the market. Sustained trading above 22500 could potentially push the index towards 22650-22700 once more. Conversely, a drop below 22500 might initiate a correction of 200-250 points on the downside," said Rupak De, senior technical analyst, LKP Securities.
The benchmark indices ended the week flat. The NSE Nifty 50 declined 0.03%, and the S&P BSE Sensex settled flat.
HDFC Bank Ltd., Larsen & Toubro Ltd., Infosys Ltd., Reliance Industries Ltd., and Sun Pharmaceutical Industries Ltd. weighed on the benchmark index.
Tata Consultancy Services Ltd., Tata Motors Ltd., Bajaj Auto Ltd., Divi's Laboratories Ltd., and Nestle India Ltd. limited losses in the benchmark index.
All 12 sectors ended in negative on NSE. The NSE Nifty Pharma index fell the most among peer indices tracking sharp losses in Sun Pharmaceutical Industries Ltd. The NSE Nifty Metal was the best performing sector.
Broader markets ended lower on BSE. The S&P BSE Midcap index ended 0.49%, and the S&P BSE Smallcap index settled 0.60%.
On BSE, all 20 sectors ended lower. The S&P BSE Consumer Durables fell over 1% to become the top loser, and the S&P BSE was the best performing sector.
Market breadth was skewed in the favour of sellers. Around 2,365 stocks declined, 1,475 stocks advanced, and 103 remained unchanged on BSE.
Kolte Patil Developers - Business Update (YoY)
Q4 pre-sales at Rs 743 crore, up 6%.
FY24 annual sales at Rs 2,822 crore, up 26% YoY
Kolte Patil Developers launched projects with total GDV of Rs 3,800 crore in FY24 in Pune and Bengaluru.
Source: Exchange Filing
