Sensex, Nifty Decline Dragged By Commodities, Capital Goods Stocks; FPIs Turn Net Sellers
Live updates from India's stock markets on Tuesday, Sept. 21.
India's stock benchmarks declined and snapped a two-day winning streak, dragged by broad based losses across sectors led by commodities, capital goods, power and utilities' stocks. Only FMCG sector managed to advance in today's session.
Focus now shifts to the U.S. Federal Reserve which will announced its rate decision today.
The S&P BSE Sensex lost over 260 points (0.44%) to 59,456.78. The NSE Nifty 50 also declined by similar magnitude to 17,718.35. Today 13 of the Nifty 50 stocks rose, 36 fell and one remained unchanged.
Britannia Industries, Hindustan Unilever, ITC, Apollo Hospitals Enterprise, Bajaj Finance were among the top gainers. Shree Cement, Adani Ports, Power Grid, IndusInd Bank, Ultratech Cement were among the top losers in the 50-stock index.
The broader indices underperformed their larger peers with MidCap measure losing 0.63% and SmallCap gauge shedding 0.69%. Barring FMCG, all the other 18 sectoral indices compiled by BSE declined.
The market breadth is skewed in the favour of bears. About 1,287 stocks rose, 2,171 fell and 129 remained unchanged.
Foreign Investors Net Sellers
Overseas investors turned net sellers after two days of net buying on Wednesday.
As per data from the National Stock Exchange, foreign portfolio investors net sold equities worth Rs 461.04 crore today.
Domestic institutional investors, remained net buyers and bought equities worth Rs 538.53 crore today.
Institutions have net bought Rs 377.72 crore worth of equities this month so far and net sold Rs 33,105.36 crore worth of Indian equities till date in 2022.
Rupee Closes At A Two-Month Low
Rupee fell 26 paise to 80.02 levels towards the close of the session
The Indian currency closed at 79.98 against the U.S. dollar. This is the lowest Rupee has closed in over two months since July 20.
The decline comes amid gains for U.S. dollar as investors rushed for safe haven assets after Russia stepped up its invasion of Ukraine with 'partial mobilisation' order. While U.S. dollar gained, Euro fell to two-week low after Russia's announcement.
The strengthening of the greenback almost comes ahead of U.S. Federal Reserve's rate decision.
10-Year Bond Yield Falls 3bps In The Final Hour
Yield on the 10-year bond was little changed for most of the session before slipping 3bps to 7.23%.
The 10-year bond yield snapped five days of rise ahead of U.S. Federal Reserve rate decision.
Cabinet Approves Expansion Of PLI Scheme For solar PV Modules
Over the earlier Rs 4,500 crore, a further Rs 19,500 crore have been approved for the PLI scheme for solar photovoltaic modules.
Brownfield manufacturers are also allowed to apply for the scheme.
Three windows for manufacturing to be opened – polysilicon-to-modules making, wafers and cells.
Around Rs 94,000 crore worth direct investments expected.
Source: Cabinet briefing