Stock Market Today: Sensex, Nifty Drop For Fourth Session As I.T., PSU Banks Drag
The S&P BSE Sensex closed down 338 points or 0.58% at 57,900.19 while the NSE Nifty 50 was 111 points or 0.65% lower at 17,043.30.
KEY HIGHLIGHTS
FPIs Stay Net Sellers For The Fourth Straight Day
Overseas investors in Indian equities remained net sellers for the fourth day in a row on Tuesday.
Foreign portfolio investors offloaded equities worth Rs 3,086.96 crore, according to data from the National Stock Exchange.
Domestic institutional investors were net buyers for the fourth straight day and mopped up stocks worth Rs 2,121.9 crore.
Foreign institutions have remained net sellers of Rs 19,362 crore worth of Indian stocks so far in 2023, according to the National Securities Depository Ltd.
Yield On The 10-Year Bond Flat
The yield on the 10-year bond closed flat at 7.37% on Tuesday.
Source: Bloomberg
Rupee Weakens Against The U.S. Dollar
The local currency weakened by 36 paise to close at 82.49 against the greenback. It closed at 82.13 on Monday.
Source: Bloomberg
Sensex, Nifty Decline For Fourth Consecutive Session
Indian equity benchmarks declined through the second half of the trading session after swinging amid volatility in the early trade on Tuesday. The indices fell for the fourth straight session in trade on Tuesday.
The headline indices ended at their lowest levels since October 2022. NSE Nifty 50 declined the most since Oct. 13, when it closed at 57,235.33 points. Whereas, S&P BSE Sensex closed lowest since Oct. 13, when it was at 17,014.35 points.
Futures of the S&P 500 and Nasdaq 100 rose about 0.5% as regional banking stocks rallied in premarket trading. Europe’s Stoxx 600 equity benchmark edged higher after falling the most since December yesterday. A gauge of European bank stocks was steady, though Credit Suisse Group AG slipped.
The fallout from SVB’s collapse prompted President Joe Biden to promise stronger regulation of U.S. lenders, while reassuring depositors that their money is safe.
The S&P BSE Sensex closed down 338 points or 0.58% at 57,900.19 while the NSE Nifty 50 was 111 points or 0.65% lower at 17,043.30.
TCS Ltd., Infosys Ltd., Kotak Mahindra Bank Ltd., Adani Enterprises Ltd., and ITC Ltd., were negatively contributing to the index NSE Nifty 50.
Whereas, BPC Ltd., Titan Co., Larsen and Toubro Ltd., Bharti Airtel Ltd., and ICICI Bank Ltd. were adding positively to the index.
All Adani Group company stocks ended lower in trade, with Adani Enterprises Ltd. declining 7.27%.
The broader market indices were trading lower; S&P BSE MidCap was down 0.46% whereas S&P BSE SmallCap was lower by 0.84%.
All 19 sectors compiled by BSE declined while S&P BSE Capital Goods advanced in trade.
The market breadth was skewed in the favour of sellers. About 1,188 stocks rose, 2,336 declined, and 106 remained unchanged on the BSE.
Bajaj Finance Falls For Fifth Straight Session
Shares of Bajaj Finance Ltd. declined 1.79% to Rs 5,729.4 apiece in trade on Tuesday. The headline index NSE Nifty 50 was trading lower by 0.67%.
Scrip fell for the fifth consecutive session in trade by 6.05%. The stock declined as much as 2.01% intraday, falling the most since March 10. The relative strength index was at 29.6.
Out of the 33 analysts tracking the company, 23 maintain a 'buy' rating, three recommend a 'hold' and seven suggest to 'sell' the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 22.6% over the next 12 months.
Source: Bloomberg
