Share Market Today: Sensex, Nifty Close With Slim Gains After Hitting 52-Week High; FPIs Stay Net Sellers
Sensex closed 0.17% higher at 61,980.72, while Nifty 50 rose 0.03% higher to close at 18,409.65.
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Sensex, Nifty Hit Fresh 52-Week Highs
Sensex reclaimed the 62,000-mark briefly, as it rose to an intraday and fresh 52-week high of 62,035.56.
Nifty also hit a fresh 52-week high of 18,438.7.
Foreign Investors Net Sellers
Overseas Investors remained net sellers for the second straight day.
As per data from the National Stock Exchange, foreign portfolio investors net sold equities worth Rs 386.06 crore.
While, domestic institutional investors turned net buyers and bought equities worth Rs 1437.4 crore.
Institutions have net bought Rs 8,262.2 crore worth of equities so far in November and net sold Rs 23,434.71 crore worth of Indian equities till date in 2022.
10-Year Bond Yield Rises
Yield on the 10-year bond gained 1bps to close at 7.27% on Wednesday. It opened at 7.26%.
Rupee Falls Sharply Against U.S Dollar
Indian currency depreciated by 20 paise to close at 81.30 against the greenback on Wednesday. It opened at 81.38. Intraday, it depreciated by 0.58% to a low of 81.57.
India's stock benchmarks closed with little gains, aided by advances in banking, capital goods and industrials stocks.
Sensex closed 0.17% higher at 61,980.72, while Nifty 50 rose 0.03% higher to close at 18,409.65. Earlier today, Sensex reclaimed the 62,000-mark briefly, as it rose to an intraday and fresh 52-week high of 62,052.57. Nifty also hit a fresh 52-week high of 18,442.15.
Of the Nifty 50 stocks, 21 rose while 29 declined.
Kotak Mahindra Bank, Coal India, HDFC, Hindustan Unilever, TCS were the top gainers on Nifty 50.
While, Apollo Hospitals Enterprise, Adani Ports and SEZ, Hindalco Industries, Bajaj Finance and Adani Enterprises were the top laggards.
The broader indices underperformed their larger peers with mid-cap index and small-cap losing 0.66% and 0.34% respectively.
Twelve out of the 20 sectoral measures complied by the BSE declined, with metal, power, realty, utilities, and commodities indices losing the most over 1%.
The market breadth is skewed in the favour of bears. About 1,438 stocks rose, 2,077 fell and 124 remained unchanged.
Hindustan Aeronautics Rises Most In 9 Weeks
Shares of Hindustan Aeronautics rose 6.18% after Elara Capital upgraded its rating and target price.
The brokerage raised the stock rating to 'buy' from 'accumulate' and increased the target price to Rs 3,550 from Rs 2,650. This implies an upside return potential of 41%.
The stock gained about 7.4% intraday, the most since Sept. 12. It is now trading 6.13% higher.
"Quantum leap in inflows, stable margin, and consistent double-digit earnings growth are tailwinds," Elara Capital said in the note. The brokerage expects FY22-25 earnings CAGR of 16%, with an ROE of 21%.
It flagged lower spends in defence capital budget, lower allocation to domestic procurement in defence capital budget and intensifying competition from private sector and sharp commodity price rise as key downside risks.
Total traded quantity is 6 times the 30-day average.
Of the 10 analysts tracking the company, all maintain 'buy'. The return potential of the stock implies a upside of 13.9%.
Source: Bloomberg, Brokerage notes