Sensex, Nifty Log Worst Week In Three Months After Sharp Slide On Friday; FPIs Stayed Net Sellers
Live updates from India's stock markets on Sept. 16.
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India's stock benchmarks logged their worst week since the week-ended June 17, 2022, predominantly due to sharp slide on Friday.
Information technology stocks fell the most in the week, as did auto, realty, oil & gas and energy stocks.
The benchmarks gained in the first two sessions of the week followed by fall in the final three days.
Friday also marked the steepest single-day decline for Sensex and Nifty in three months since June 16.
Today the Sensex lost nearly 1,100 points to close at 58,840.79. This the first time the 30-stock gauge closed below 59,000 in two weeks since September 2.
The Nifty 50 also lost nearly 2% to 17,530.85. Only two of the Nifty 50 stocks - IndusInd Bank and Cipla advanced while all the other 59 stocks tumbled.
UPL, Tata Consumer, Tech Mahindra, Ultratech Cement and Infosys were among the top losers.
The broader indices underperformed their larger peers, with MidCap index falling nearly 3% an SmallCap gauge losing 2.5%.
All the 19 sectoral indices compiled by BSE Ltd. declined.
The market breadth was skewed in the favour of bears. About 972 stocks rose, 2,532 fell and 106 remained unchanged.
Foreign Investors Net Sellers
Overseas investors ended the week by staying net sellers on Friday. They sold equities worth Rs 3,260.05 crore, the highest in four weeks.
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 sold equities worth Rs 3,260.05 crore today.
Domestic institutional investors too net sold equities worth Rs 36.57 crore today.
Institutions have net sold Rs 1,090.55 crore worth of equities this month so far and Rs 34,573.63 crore worth of Indian equities till date in 2022.
10-Year Bond Yield Rises
Rupee Falls Against U.S. Dollar
Indian currency depreciated 16 paise to 79.86, during the session.
Rupee pared most of the losses to close at 79.75.
Happiest Minds' Shares Decline
Shares of Happiest Minds Technologies Ltd lost nearly 3%.
The fall comes despite the company announcing the commissioning of a 183kWp Solar Plant at its Smiles 2 Campus at Madivala, Bengaluru.
Happiest Minds aims to achieve carbon neutrality in its operations by 2030 and aspires to be known for its high levels of ESG standards. The new solar plant is a step on its road map to achieve its vision and be part of a cleaner energy future and build long-term business sustainability.
The 183 kWp solar power plant deployed by EcoSoch Solar will generate 256 MWh of electricity per year and is estimated to reduce 210 MT of carbon emissions annually and 5200 MT over its lifecycle.
All three analysts tracking the company maintain 'buy'. The return potential of the stock is 9.2%.
Source: Exchange Filing, Bloomberg