Sensex, Nifty Fall For Second Day Dragged By I.T., Pharma, Realty Stocks; FPIs Remain Net Sellers
Live updates from India's stock benchmarks on Sept.15.
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Closing Bell
India's stock benchmarks declined for the second day in a row, dragged by losses in information technology, pharma, realty stocks.
The Sensex lost 0.68% (over 400 points) to 59,934.01. The Nifty 50 declined by similar magnitude to 17,877.40. Today 11 of Nifty 50 stocks rose while 39 fell. Maruti Suzuki, Eicher Motors, Adani Ports, Power Grid, NTPC were among the top gainers. Hindalco, Infosys, Tech Mahindra, Cipla, Hero MotoCorp were the top losers on the 50-stock index.
The broader indices outperformed their larger peers,with MidCap index gaining 0.3% and SmallCap gauge closing little changed.
Auto and auto ancilliary stocks gained the most, amid several reports from analysts over the last few months anticipating healthy demand and steady growth.
The rise in auto stocks comes amid comments by SIAM President Kenichi Ayukawa who said that Indian automobile industry aimed to be among the two top producers globally in every segment of vehicles over next 25 years. He also added that India planned to be nearly 100% self-reliance in the entire manufacturing value chain of automobiles. About thirteen of the 19 sectoral indices compiled by BSE Ltd. declined with IT, Healthcare, Metal, Realty measures falling. On the flipside Auto, Power and Utilities gained.
The market breadth is skewed slightly in the favour of bears. About 1,702 stocks rose, 1,795 fell and 123 remained unchanged.
Foreign Investors Net Sellers
Overseas investors turned net sellers after six days of net buying on Wednesday and remained net sellers even today.
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 1,270.68 crore today.
Domestic institutional investors too turned net sellers and net sold equities worth Rs 928.86 crore today.
Institutions have net bought Rs 2,206.07 crore worth of equities this month so far and have net sold Rs 31,277.01 crore worth of Indian equities till date in 2022.
Air India Launches Business Transformation Plan Named ‘Vihaan.AI’
Under new owner Tata Group, Air India targets 30% local market share in the next 5 years, versus its 8.4% share as of July.
Plan focussed on profitability and commercial efficiency.
Initiatives in areas like refurbishing cabins, serviceable seats, in-flight entertainment systems already underway, CEO Campbell Wilson said.
Source: Statement