Sensex, Nifty Erase Most Of Losses As Banking, Metal Gains; FPIs Turn Net Sellers
Live updates from India's stock markets on Sept. 14.
- Oldest First
India's stock benchmarks declined, but pared most of the losses, as gains in metals, banking, basic materials almost offset decline in information technology, realty, oil & gas, after sharp slide in Wall Street overnight as hotter-than-expected inflation reading spooked markets.
The Sensex lost 0.37% (224 points) to 60,346.97, almost a 1,000-point recovery from the day's low of 59,417.12. The Nifty 50 also recovered from the gap-down start to close above 18,000 for the second session in row.
Both the Sensex and Nifty snapped a four-day winning streak. Today 21 of Nifty 50 stocks rose, 29 fell. IndusInd Bank, NTPC, Power Grid, SBI, Kotak Mahindra Bank were among the top gainers. Information technology stocks Infosys, Tata Consultancy Services, Tech Mahindra, HCL Technologies, L&T were the top losers.
The broader indices outperformed their larger peers, with MidCap gauge losing 0.1% and SmallCap gauge closing little changed. Thirteen of the 19 sectoral indices compiled by BSE Ltd. declined.
The market breadth was skewed slightly in the favour of bears. About 1,692 stocks rose, 1,775 fell and 144 remained unchanged.
Foreign Investors Net Sellers
Overseas investors turned net sellers after six days of net buying on Wednesday.
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 sold equities worth Rs 1,397.51 crore today.
Domestic institutional investors, on the contrary turned net buyers and bought equities worth Rs 187.58 crore today.
Institutions have net bought Rs 4,405.61 crore worth of equities this month so far and have net sold Rs 29,077.47 crore worth of Indian equities till date in 2022.
10-Year Bond Yield Rises
Yield on the 10-year bond rose 5bps to 7.13%, before closing at 7.12%.
This is the most the 10-year yields rose in over two weeks since August 29.
Rupee Snaps Four-Day Winning Streak
The Indian currency depreciated 46 paise, most in over a month since August 4, to 79.60, during the session.
Rupee eased off to close at 79.44, against the greenback, even as stock markets recovered most of the losses after a gap-down open.
Power Grid Gains Most In Over A Month
Shares of Power Grid Corp of India rose 2.5%, most in over a month since August 12.
About 3.91 million shares of Power Grid changed hands in a large trade, according to Bloomberg data. Details of buyers, sellers are not known immediately.
Trading volume is nearly thrice the 30-day average. Of the 25 analysts tracking the company, 19 maintain 'buy', five suggest 'hold' and one recommends 'sell'. The return potential of the stock is 2.7%.