Sensex, Nifty Rise Aided By I.T., Auto, Realty, Consumer Durables' Stocks; FPIs Stay Net Buyers
Live updates from India's stock markets on Sept. 12.
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India's stock benchmarks pared some of the gains, but still ended in the green, aided by gains in basic materials, information technology, realty, auto and consumer durables stocks.
The S&P BSE Sensex gained over 0.5% (322 points) to close at 60,115.13. This is the first time the 30-stock gauge closed above 60,000 in over three weeks since August 18. The NSE Nifty 50 added over 100 points to 17,936.35. The Nifty 50 came within 20 points of reclaiming 18,000 mark in today' session. Today 34 of Nifty 50 stocks rose while 16 fell. Adani Ports, Titan, Divi's Laboratories, Tech Mahindra and Axis Bank were among the top gainers.
The broader indices outperformed their larger peers with MidCap jumping 0.9% and SmallCap gauge gaining 1%. All 19 sectoral indices compiled by BSE advanced with Basic Materials, Information Technlogy, Utilities, Consumer Durables, Realty and Teck measures gaining over 1%.
The broader indices underperformed their larger peers. About 2,197 stocks rose, 1,387 fell and 175 remained unchanged.
Foreign Investors Net Buyers
Overseas investors remained net buyers for the fifth straight day on Monday.
The longest buying stretch by FPIs, this year so far, lasted 13 days from July 28 to August 17.
As per data from the National Stock Exchange, foreign portfolio investors net bought equities worth Rs 2,049.65 crore today.
Domestic institutional investors too continued to stay net sellers and sold equities worth Rs 890.51 crore today.
Institutions have net bought Rs 4,926.99 crore worth of equities this month so far and have net sold Rs 28,556.09 crore worth of Indian equities till date in 2022.
10-Year Bond Yield Rises
Yield on the 10-year bond rose 2bps to 7.14%.
Rupee Rises Against U.S. Dollar
Indian currency fell 13 paise to 79.72 during the session before reversing losses. The Rupee rose 12 paise to an intraday high of 79.47 before closing at 79.53, up 6 paise from Friday's close.
BPCL, HPCL, Indian Oil Corp Rise
Shares of Fuel Retailers rose after Bloomberg reported that government is planning to pay about Rs 20,000 crore to oil companies toward LPG losses, citing people familiar with the matter.
Ramkrishna Forgings Gains After Approving Rs 94.3 Crore Fund Raise Through Preferential Issue Of 46 Lakh Warrants
Shares of Ramkrishna Forgings gained nearly 4% during the session. Trading volume is twice the 30-day average.
The company announced that it approved a fund raise of Rs 94.3 crore through preferential issue of 46 lakh warrants convertible to equivalent equity share of Rs 2 each at Rs 205 per warrant to promoters/non-promoters.
The company will get Rs 23.6 crore upon allotemen of these warrants, in 2022. The balance Rs 70.7 crore will be received within 18 months from date of allotment of warrants.
Of the five analysts tracking the company, four suggest 'buy' and one recommends 'sell'. The return potential of the stock is 5.5%.
Source: Exchange filing, Bloomberg