Stock Market Today: Sensex, Nifty Falls The Most In Two Weeks As HDFC Twins, Axis Bank, ICICI Bank Drag
The S&P BSE Sensex closed down 671 points or 1.12% at 59,135.13 while the NSE Nifty 50 was 177 points or 1% lower at 17,412.90.
KEY HIGHLIGHTS
FPIs Stay Net Sellers For The Second Straight Day
Overseas investors in Indian equities remained net sellers for the second day in a row on Friday.
Foreign portfolio investors offloaded equities worth Rs 2,061.47 crore, according to data from the National Stock Exchange.
Domestic institutional investors were net buyers for the second day in a row and mopped up stocks worth Rs 1,350.13 crore.
Foreign institutions have remained net sellers of Rs 20,153 crore of Indian stocks so far in 2023.
Yield On The 10-Year Bond Flat
The yield on the 10-year bond closed flat at 7.42% on Friday. It closed at 7.43% on Thursday.
Source: Bloomberg
Rupee Weakens Against The U.S. Dollar
The local currency weakened by 7 paise to close at 82.05 against the greenback. It closed at 81.98 on Thursday.
Source: Bloomberg
Sensex, Nifty Decline For Second Consecutive Day Following Weak Global Cues
Indian equity benchmarks extended declines following weak global cues and tumbled in trade on Friday. The indices fell the for the second straight day closing at the lowest level in over two weeks since Feb. 22, 2023.
On a weekly basis, the headline indices declined following a week of gains.
Asian markets tumbled and treasuries rallied as worries about the health of the U.S. banking system caused a sharp selloff in global markets.
Europe’s Stoxx 600 equity gauge dropped more than 1.5%, with an index of bank stocks sliding the most since June. Credit Suisse Group AG shares tumbled as much as 6.1% to a record low, and HSBC Holdings was down more than 5%.
Futures on the S&P 500 lost about half a percent after the underlying benchmark hit a seven-week low on Thursday as banking stocks plunged.
Silicon Valley-based lender SVB Financial Group was at the center of the storm on Thursday, losing 60% after taking steps to shore up its capital position, stoking concern that soaring interest rates are eroding balance sheets.
The S&P BSE Sensex closed down 671 points or 1.12% at 59,135.13 while the NSE Nifty 50 was 177 points or 1% lower at 17,412.90.
HDFC Bank Ltd., HDFC Ltd., Axis Bank Ltd., ICICI Bank Ltd., State Bank of India, Larsen and Toubro Ltd., Reliance Industries Ltd., Infosys Ltd., Kotak Mahindra Bank Ltd., and TCS Ltd were dragging the index.
Adani Group company shares ended mixed in trade as Adani Green Energy Ltd., Adani Transmission Ltd., Adani Power Ltd. and Adani Total Gas Ltd. advanced in trade, while the other stocks retreated.
Adani Ports and SEZ Ltd. was unchanged in trade as it rose by 0.08%.
The headline indices declined this week following a week of gains. Nifty logged weekly loss of 1.03%, whereas Sensex declined 1.13% in trade this week.
Indices ended higher in trade last week, Sensex advanced 0.58%, and Nifty was up 0.74%.
All the sectors declined in trade this week with Nifty Realty, Nifty PSU Bank and Nifty Bank being the top losers.
Nifty Midcap 100 was flat as it rose 0.1% this week.
The broader market indices were trading lower; S&P BSE MidCap was down 0.69% whereas S&P BSE SmallCap was lower by 0.59%.
Fourteen out of 19 sectors compiled by BSE declined while five advanced in trade.
The market breadth was skewed in the favour of the bears. About 1,406 stocks rose, 2,099 declined, and 106 remained unchanged on the BSE.
SIP Contribution At Rs 13,686.28-Crore In February
SIP contribution was at Rs 13,686.28 crore in February vs Rs 13,856.18 crore in January.
Number of SIP accounts reach 6.28 crore compared to 6.21 crore in January.
Source: AMFI call
