Stock Market Today: Sensex, Nifty Dragged By Heavy Sell-Off In Banking, Financials; FPIs Remain Net Sellers
The S&P BSE Sensex closed down 774 points or 1.27% at 60,205.06 while the NSE Nifty 50 was 226 points or 1.25% lower at 17,891.95.
KEY HIGHLIGHTS
FPIs Remain Net Sellers
Overseas investors remained net sellers of Indian equities for the fourth straight day on Wednesday.
Foreign portfolio investors offloaded equities worth Rs 2,393.94 crore, according to data from the National Stock Exchange.
On the other hand, domestic institutional investors mopped up stocks worth Rs 1,378.49 for the fourth day, according to NSE data.
Foreign institutions net bought Rs 14,398.8 crore worth of Indian equities in December, but have remained net sellers of Rs 23,254.43 crore of Indian stocks so far in 2023.
Rupee Strengthens Against The U.S. Dollar
The local currency strengthened by 13 paise to 81.59 at close on Wednesday. It closed at 81.72 Tuesday.
Source: Bloomberg
Yield On The 10-Year Largely Flat
The yield on the 10-year bond closed largely flat at 7.35% on Wednesday.
Source: Bloomberg
Closing Bell
The Indian benchmark indices declined through the trading day on Wednesday, tracking the weak global cues.
Equity markets slipped after tech giant Microsoft Corp. and a slew of other major firms forecast slowing earnings. Also, the lackluster U.S. business activity data reminded investors of the likelihood of recession in the world’s biggest economy.
The S&P BSE Sensex closed down 774 points or 1.27% at 60,205.06 while the NSE Nifty 50 was 226 points or 1.25% lower at 17,891.95.
Bajaj Auto Ltd., Hindustan Unilever Ltd., Britannia Industries Ltd., Hindalco Industries Ltd. and Maruti Suzuki India Ltd. were the top gainers in the gauge.
Whereas, Adani Ports and SEZ Ltd., State Bank of India, IndusInd Bank Ltd., HDFC Bank Ltd. and HDFC Ltd. were the top losers amongst the NSE Nifty 50 constituents.
The broader market indices were trading lower; S&P BSE MidCap was down 1.52%, whereas S&P BSE SmallCap was lower by 0.94%.
All the 20 sectors compiled by BSE declined, except only S&P BSE Metals advanced in trade.
The market breadth was skewed in favour of the bears. About 1,136 rose, 2,378 declined, 132 remained unchanged on the BSE.
India Sells Rs 8,000-Crore Worth Of 'Sovereign Green Bonds'
Government sold Rs 8,000 crore or one billion-dollar worth of securities, including Rs 4,000 crore each of five and ten-year notes.
The 10-year bond got priced at a coupon of 7.29%, compared with a 7.31% estimate in a Bloomberg survey.
The five-year bond was sold at a cut-off yield of 7.10% vs 7.13% as per the Bloomberg estimate.
This was the first tranche of two from which the central government aims to raise a total Rs 16,000 crore within a month.
Source: Bloomberg, RBI press release
