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Sensex, Nifty Fall For Second Day Dragged By Auto Stocks; FPIs Stay Net Buyers

Live updates from India's stock markets on Wednesday

<div class="paragraphs"><p>(Photo: Unsplash)</p></div>
(Photo: Unsplash)
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Closing Bell

India's stock benchmarks declined for second day, but were off day's low. Cement, Pharma stocks advanced while Auto and Banking stocks fell.

The Sensex lost 0.28% (168 points) to 59,028.91. The 30-stock gauge shed nearly 475 points to an intraday low of 58,722.89. The Nifty 50 declined 0.18% to 17,624.40. Today 26 stocks rose while 24 fell. Shree Cement, Ultratech Cement, Adani Ports, Coal India, Britannia Industries were among the top gainers while Tata Motors, Bajaj Auto, IndusInd Bank, M&M and Maruti Suzuki declined.

The broader indices outperformed their larger peers with MidCap index gaining 0.1% and SmallCap gauge jumping nearly 0.5%. Fourteen of the 19 sectoral indices compiled by BSE advanced with Basic Materials gaining 1%. On the flipside, Auto measure lost over 1%.

The market breadth is skewed in the favour of bulls. About 2,137 stocks rose, 1,318 declined and 125 remained unchanged.

Foreign Investors Net Buyers

Overseas investors remained net buyers for the second straight day 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 bought equities worth Rs 758.37 crore today.

Domestic institutional investors turned net sellers and sold equities worth Rs 138.67 crore today.

Institutions have net bought Rs 102.51 crore worth of equities this month so far and have net sold Rs 33,380.57 crore worth of Indian equities till date in 2022.

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10-Year Bond Yield Rises 1bps To 7.18%

Sensex, Nifty Fall For Second Day Dragged By Auto Stocks; FPIs Stay Net Buyers

Rupee Falls Against U.S. Dollar

  • Indian currency depreciated 10 paise to 79.94 during the session. The Rupee eased off those levels to close at 79.90.

Source: Bloomberg

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IRDAI Mandates Dematerialisation Of All New Insurance Policies By December 2022

For all the existing/old policies, the regulator has provided a timeline of 12 months

E-KYC is mandatory for all insurance policies from Nov 1, 2022

This will aid in dematerialisation of policies and in turn curb frauds

Source: Sources to BQ Prime


Cipla Gets U.S. FDA Approval For Generic Version Of Revlimid

Cipla announced that it received final nod from U.S. FDA for is abbreviated new drug application for Lenalidomide capsule 5 mg, 10 mg, 15 mg, 25 mg.

The capsules are therapeutic equivalent generic version of Bristol Myers Squibb's Revlimid capsules.

The drug is used in the treatment of cancer. According to IQVIA, Revlimid capsules had U.S. sales of approximately $2.58 billion for the 12-month period ending June 2022.

Source: Exchange filing

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