Stock Market Today: Sensex, Nifty Advance Nearly 1% As Metal, I.T. Stocks Gain; FPIs Remain Net Seller
The S&P BSE Sensex was up 378 points or 0.63% at 60,663.79 while the NSE Nifty 50 was 150 points or 0.85% higher at 17,871.70.
KEY HIGHLIGHTS
FPIs Remain Net Seller
Overseas investors in Indian equities remained net sellers for the fifth day in a row on Wednesday.
Foreign portfolio investors offloaded equities worth Rs 736.82 crore, according to data from the National Stock Exchange.
On the other hand, domestic institutional investors mopped up stocks worth Rs 941.16 crore for the 13th 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 48,192.19 crore worth of Indian stocks so far in 2023.
Yield On The 10-Year Bond Rises
The yield on the 10-year bond closed higher by 5 bps at 7.35% on Wednesday. It closed at 7.31% on Tuesday.
Source: Bloomberg
Rupee Strengthened Against The U.S. Dollar
The local currency strengthened by 21 paise against the greenback on Wednesday to 82.49 at close. It closed 82.70 on Tuesday.
Source: Bloomberg
Sensex, Nifty End Nearly 1% Higher
The Indian benchmark indices continued trading higher through midday after it opened with slim gains on Wednesday. RBI Governor Shaktikanta Das announced the Monetary Policy Committee's decision on hiking the repo rate by 25 basis points to 6.50%.
Stocks gained after positive earnings reports in Europe and a late Wall Street rally as Powell highlighted that disinflation has begun, and that further hikes will likely be needed if the jobs market remains strong. The U.S. stock futures fell.
Shares of Adani Enterprises climbed as investors reassessed the impact of the scathing report from Hindenburg Research published on Jan. 24. Ambuja Cements Ltd., ACC Ltd., Adani Green Energy Ltd. and Adnai Total Gas Ltd. declined out of the total ten Adani group company stocks.
The S&P BSE Sensex was up 378 points or 0.63% at 60,663.79 while the NSE Nifty 50 was 150 points or 0.85% higher at 17,871.70.
Adani Enterprises Ltd., Adani Ports and SEZ Ltd., HDFC Life Insurance Co, SBI Life Insurance Co., and Bajaj Finance Ltd. were the top gainers in the gauge.
Whereas, Larsen and Toubro Ltd., Eicher Motors Ltd., Bharti Airtel Ltd., Hero MotoCorp Ltd. and Axis Bank Ltd. were the top losers amongst the NSE Nifty 50 constituents.
The broader market indices were trading higher; S&P BSE MidCap was up 1%, whereas S&P BSE SmallCap was higher by 0.76%.
Sixteen out of the 20 sectors compiled by BSE advanced, while the only four declined in trade.
The market breadth was skewed in favour of the bulls. About 2,001 rose, 1,490 declined and 140 remained unchanged on the BSE.
Adani Wilmar Q3 FY23 (Consolidated figures, YoY)
Revenue up 7% at Rs 15438.05 crore Vs Rs 14370.92 crore
Net profit up 16% to Rs 246.16 crore Vs Rs 211.41 crore
EBITDA up 20% to Rs 605.22 crore Vs Rs 503.65 crore
Margins at 3.9% Vs 3.5%
Source: BSE Filing
