Sensex, Nifty Log Best Week In A Month Aided By I.T., Banking Stocks; FPIs Stay Net Buyers
Live updates from India's equity markets on Sept. 9.
Foreign Investors Net Buyers
Overseas investors remained net buyers for the fourth straight day on Friday.
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 2,132.42 crore today.
Domestic institutional investors turned net sellers and sold equities worth Rs 1,167.56 crore today.
Institutions have net bought Rs 3,767.85 crore worth of equities this month so far and have net sold Rs 29,715.23 crore worth of Indian equities till date in 2022.
10-Year Bond Yield Rises
Yield on the 10-year bond rose 4bps to 7.12% during the session.
The 10-year bond yield closed at 7.11%.
Rupee Rises Against U.S. Dollar
Indian currency appreciated 25 paise to 79.47 during the session before trimming gains.
Rupee closed at 79.59 against the U.S. dollar
India's stock benchmarks advanced, aided by gains in information technology, banking stocks and extended gains for the second day.
This is the best week for Sensex and Nifty in nearly a month since the week ended August 12.
I.T, PSU Bank and Banking index gained the most in the week.
The Sensex gained over 100 points (0.2%) to 59,793.14. The Nifty 50 gained 0.2% to 17,833.35. Today 25 stocks rose while 25 fell. Tech Mahindra, IndusInd Bank and Adani Ports were among the top gainers.
The broader indices almost mirrored their larger peers on Friday. Ten of the 19 sectoral indices compiled by BSE Ltd. advanced with Information Technology measure jumping over 2%.
The market breadth was slightly skewed in the favour of bears. About 1,696 stocks rose, 1,748 fell and 127 remained unchanged.
Indian Railways to float a tender inviting private players to build wheels.
The Indian Railways will float a tender inviting private players to set up a wheel factory, and make wheels for high speed trains for the first time, according to Railways minister Ashwini Vaishnaw.
The wheel plant will be set up in 18 months and will have assured procurement of 80,000 wheels for Rs 600 crore per year.
The tender will be awarded on condition that the plant will export wheels to Europe too.
Source: PTI citing Ashwini Vaishnaw