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Sensex, Nifty Gain For Fifth Week Despite Friday Fall; FPIs Turned Net Buyers Today

Catch the live updates on Indian markets

<div class="paragraphs"><p>The five bankers selected are ICICI Securities, Axis Capital, Citigroup Global Markets, HDFC Bank and IIFL Securities. (Source:&nbsp;Kelly Sikkema/Unsplash)</p></div>
The five bankers selected are ICICI Securities, Axis Capital, Citigroup Global Markets, HDFC Bank and IIFL Securities. (Source: Kelly Sikkema/Unsplash)
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India's stock benchmarks declined 1% with Nifty snapping its longest winning streak in 21 months, but gained for the fifth week in a row, aided by FMCG and energy stocks.

Realty, FMCG, Media and I.T. stocks gained while PSU Banks and pharma stocks declined in the week.

On Friday, the Sensex fell over 650 points to 59,646.15, snapping a five-day winning streak.

The Nifty 50 also lost over 1% and snapped its longest winning streak (eight days) to close at 17,758.45. Today six of the Nifty 50 stocks advanced, while 44 declined. IndusInd Bank, Bajaj Finserv, Apollo Hospitals, Tata Motors and Tata Consumer Products were among the top laggards.

The broader indices mirrored their larger peers. Barring Power, Utilities and Teck, all the other 16 sectoral measures compiled by BSE declined with Realty losing 2%.

The market breadth is skewed in the favour of bears. About 1,426 stocks advanced, 1,981 declined and 121 remained unchanged.

Foreign Investors Net Buyers

FPIs returned as net buyers today after turning net sellers for day on Thursday.

Overseas investors snapped out of 13 days of net buying to turn net sellers on Thursday. It was the longest stretch of net inflows by FPIs in this year so far.

As per data from the National Stock Exchange, foreign portfolio investors net bought equities worth Rs 1,110.9 crore today.

On the other hand, domestic institutional investors net sold equities worth Rs 1,633.21 crore today.

Institutions have net bought Rs 11,917.57 crore worth of equities so far in August and net sold equities worth Rs 36,522.12 as yet in 2022.

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Adani Group Makes Open Offer For Ambuja Cement, ACC

  • The Adani Group has made an open offer to acquire 26% stake in ACC for Rs 2,300 per share.

  • The open offer price for ACC is at a 2% discount to Friday’s closing price.

  • It has made an open offer to acquire 26% in Ambuja Cement for Rs 385 per share, a 8.3% discount to Friday’s closing price.

  • Both open offers to run from August 26 to September 9.

Source: Exchange filing

Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.


10-Year Bond Yield Rises

  • Yield on the 10-year bond rose 6bps to 7.30% during the session before closing at 7.26%.

Source: Bloomberg

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Rupee Falls Against U.S. Dollar

Indian currency depreciated 12 paise during the session before closing 10 paise lower at 79.78.

Source: Bloomberg


RBI Clarifies On A Recent Bulletin Article On Privatisation Of Public Sector Banks

  • The article is the opinion of its authors and not that of the RBI.

  • Researchers are of the view that instead of a big bang approach, a gradual approach as announced by the government would result in better outcomes.

  • The article states that gradual approach to privatisation adopted by the government can ensure that a void is not created in fulfilling the social objective of financial inclusion.

Source: RBI clarification

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