Sensex Gains 450 Points, Nifty Closes Above 18,000 After Five Months; FPIs Stay Net Buyers
Live updates from India's stock markets on Sept. 13.
India's stock benchmarks advanced for the fourth day in a row, aided by broad based gains led by banking, fmcg, industrials, metal stocks.
The S&P BSE Sensex gained over 450 points to close at five-month high of 60,571.08. The NSE Nifty 50 advanced 0.75% to close at 18,070.05. This is the first time the 50-stock gauge closed above 18,000 in over five months. Today 32 of Nifty 50 stocks rose, 17 fell and one remained unchanged. Bajaj Finserv, Tata Consumer, IndusInd Bank, Britannia Industries and Bharti Airtel were among the top gainers.
The broader indices underperformed their larger peers, with MidCap and SmallCap indices gaining over 0.2%. Fourteen of the 19 sectoral indices compiled by BSE advanced with FMCG, Finance, Industrials, Metal gauges gaining the most.
The market breadth was skewed in the favour of bulls. About 1,858 stocks rose, 1,634 fell and 108 remained unchanged.
Foreign Investors Net Buyers
Overseas investors remained net buyers for the sixth straight day on Tuesday.
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 1,956.98 crore today.
Domestic institutional investors too stayed net sellers and sold equities worth Rs 1,268.43 crore today.
Institutions have net bought Rs 5,615.54 crore worth of equities this month so far and have net sold Rs 27,867.54 crore worth of Indian equities till date in 2022.
10-Year Bond Yield Falls
Yield on the 10-year bond fell 6bps to 7.08%.
Rupee Rises Against The U.S. Dollar
Indian currency appreciated 50 paise to 79.03 during the session.
The Rupee trimmed some of the gains to close at 79.15.
Retail Sales Growth Moderates To 17% YoY In August
Retailers indicate a moderate growth trend ahead of the festive season as inflation weighs on consumption.
Higher priced goods saw good uptick indicating that the upper middle and elite class are shopping.
Low-income buyers, however, are not shopping much as growth slowed for the mass segment.
Sports goods led the sales growth within categories, registering 57% growth over last year and 47% over August 2019 (pre-Covid).
Other categories such as furniture & furnishing grew 19% YoY, beauty and personal care grew 25%, jewellery grew 22%, QSR grew 19%, consumer durables & electronics grew 18%, footwear grew 28%, food and grocery grew 21% and clothing and apparel grew 22% over last year, according to RAI's monthly survey.
Source: Retailers Association of India
GPT Infraprojects Hits 52-Week High After Order Win
Shares of GPT Infraprojects surged 20% to a 52-week high after the company won order worth Rs 173 crore from the Indian Railways.
Trading volume is 30 times the 30-day average. The relative strength index of the stock is 84, suggesting it may be overbought.
The company received the order from Northern Railway. The order pertains to doubling of railway track between Ludhiana and Kila Raipur in Punjab state, along with electrification and signalling and telecommunication works on engineering, procurement and construction mode.
The contract is in joint venture, with GPT Infraprojects holding a 51% share.
Source: Bloomberg, BSE