Stock Market Today: Sensex, Nifty Snap 3-Day Losing Streak To Close Week Higher; FPIs Remain Net Sellers
The S&P BSE Sensex was up 303 points or 0.51% at 60,261.18 while the NSE Nifty 50 was 98 points or 0.55% higher at 17,956.60.
FPIs Remain Net Sellers
Overseas investors in Indian equities were net sellers for the 16th day in a row on Friday.
Foreign portfolio investors offloaded stocks worth Rs 2,422.39 crore, according to data from the National Stock Exchange
Domestic institutional investors remained net buyers for the sixth day in a row and mopped up stocks worth Rs 1,953.4 crore, after snapping out of a 21-day buying streak on Jan. 5.
Foreign institutions net bought Rs 14,398.8 crore worth of Indian equities in December, but have remained net sellers of Rs 17,419.08 crore of Indian stocks so far in 2023.
Yield On The 10-Year Bond Largely Flat
The yield on the 10-year bond closed largely flat at 7.30% on Friday. It closed t 7.29% on Thursday.
Source: Bloomberg
Rupee Strengthens Against The U.S. Dollar
The local currency strengthens 21 paise to 81.34 at close on Friday. It closed at 81.55 on Thursday.
Source: Bloomberg
Closing Bell
The Indian benchmark indices reversed losses in the second half of trade on Friday and followed the Asian peers higher.
On Thursday, the U.S. reported softer core inflation numbers, indicating a slower pace of rate hikes by central banks.
The headline indices logged weekly gain for the first time in 2023, as they declined in the first week of the year.
The S&P BSE Sensex was up 303 points or 0.51% at 60,261.18 while the NSE Nifty 50 was 98 points or 0.55% higher at 17,956.60.
IndusInd Bank Ltd., Adani Enterprises Ltd., Tata Steel Ltd., Eicher Motors Ltd., and Infosys Ltd. were the top gainers amongst the NSE Nifty 50 constituents.
Whereas, Titan Co., Apollo Hospitals Enterprise Ltd., Nestle India Ltd., ITC Ltd. and Larsen & Toubro Ltd. were the top losers in the gauge.
The broader market indices were trading higher; S&P BSE MidCap was up 0.09%, whereas S&P BSE SmallCap was higher at 0.22%.
Sixteen out of the 19 sectoral indices compiled by the BSE advanced, while S&P BSE Healthcare, S&P BSE Capital Goods and S&P BSE Consumer Durables.
The market breadth was skewed in favour of the bulls. About 2004 rose, 1,484 declined, 146 remained unchanged on the BSE.
After falling for the first week of the new year, the headline indices fell rose in the week. Sensex was up 0.6% and Nifty was higher by 0.54% in this week. However, the indices were down by 1.55% and 1.36% respectively last week.
Sectorally, Nifty IT, Metal, Auto and Media indices gained for than 1% this week.
On the other hand, Nifty FMCG and Midcap 100 were the only weekly losers declined marginally by 1% and 0.29%, respectively.
Mahindra Lifespaces Acquires 4.25-Acres Land Parcel In Bengaluru
Mahindra Lifespaces, the real estate arm of Mahindra Group, has acquired a 4.25-acre land parcel with a development value of Rs 400-crore in Bengaluru.
Land is estimated to have a developable potential of 4.6 lakh square feet of saleable area.
Site is located off Hosur Road close to Electronics City.
First phase of the project to be launched in 2023.
Source: Exchange filing