Stock Market Today: Sensex, Nifty End Budget Week Higher Despite Adani Rout; FPIs Remain Net Sellers
Sensex was up 1000 points or 1.52% at 60,841.88 while the Nifty was higher by 244 points or 1.38% up at 17,854.05.
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FPIs Remain Net Sellers
Overseas investors in Indian equities remained net sellers for the second day in a row on Friday.
Foreign portfolio investors offloaded equities worth Rs 932.44 crore, according to data from the National Stock Exchange.
On the other hand, domestic institutional investors mopped up stocks worth Rs 1,264.74 for the tenth day in a row.
Foreign institutions net bought Rs 14,398.8 crore worth of Indian equities in December, but have remained net sellers of Rs 43,677.27 crore worth of Indian stocks so far in 2023.
Rupee Strengthens Against The U.S. Dollar
The local currency strenghtened 34 paise to close at 81.84 on Friday.
10-Year Bond Yield Falls
Yield on the 10-year bond fell 2bps to 7.28% on Friday.
Sensex, Nifty Surges In Last Leg Of Trade
The Indian benchmark surged in trade on Friday as banking, financial, auto and consumer durable stocks advanced, while the shares of metal, pharm and energy stocks declined in trade on Friday.
There was some respite in the rout of Gautam Adani’s companies. Five out of the nine group stocks fell as the Indian billionaire battles to restore confidence in his conglomerate’s financial health after accusations by short-seller Hindenburg Research. Shares of Adani Enterprises Ltd. dropped 35%, the most ever during intraday trading.
Asian shares were mixed and the U.S. and European equity futures dropped as disappointing earnings from Apple Inc., Amazon.com Inc. and Alphabet Inc. poured cold water on the rally fueled by investor optimism that rates are getting close to peaking.
The S&P BSE Sensex was up 1000 points or 1.52% at 60,841.88 while the NSE Nifty 50 was higher by 244 points or 1.38% up at 17,854.05.
Adani Ports and SEZ Ltd., Titan Co., Bajaj Finance Ltd., Bajaj Finserv Ltd. and HDFC Bank Ltd. were the top gainers in the gauge.
Whereas, Divi's Laboatories Ltd., BPCL Ltd., Tata Consumer Products Ltd., Hindalco Industries Ltd. and HDFC Life Insurance Co. were the top losers amongst the NSE Nifty 50 constituents.
The broader market indices traded lower; S&P BSE MidCap was down 0.04%, whereas S&P BSE SmallCap was lower by 0.47%.
Eight out of the 19 sectors compiled by BSE declined, while the 11 advanced in trade.
The market breadth was skewed in favour of the bears. About 1,359 rose, 2,174 declined and 135 remained unchanged on the BSE.
After snapping their two-week gains last week, the headline indices resumed their advance and rose this week.
Sensex was up 2.55% and Nifty was higher by 1.42% in this week. The indices declined by 2.13% and 2.35% respectively last week.
Sectorally, Nifty FMCG, Bank, IT and Auto indices gained for than 1% this week.
On the other hand, Nifty Metal, Pharma, Media and Realty were the weekly losers.