Stock Market Today: Sensex, Nifty Extend Weekly Decline But Rebound From Verge Of Correction

The S&P BSE Sensex closed up 355 points or 0.62% at 57,989.90 while the NSE Nifty 50 was 115 points or 0.67% higher at 17,110.05.
<div class="paragraphs"><p>Stock market trend,&nbsp;financial graph on a computer screen. (Source: freepik)</p></div>
Stock market trend, financial graph on a computer screen. (Source: freepik)
Latest First
  • Oldest First

Yield On 10-Year Bond Flat

The yield on the 10-year bond closed flat at 7.34% on Friday.


FPIs On Selling Spree

Foreign investors in Indian equities closed the week as net sellers, as their selling spree continued for the seventh day.

Foreign portfolio investors offloaded equities worth Rs 1,766.53 crore during the day, according to data from the National Stock Exchange. This was the second highest sell-off by overseas investors this week.

Meanwhile, domestic institutional investors remained net buyers for the seventh day in a row and picked up equities worth Rs 1,817.14 crore.

Foreign institutions invested in Indian equities have remained net sellers so far in 2023, pulling out Rs 22,651 crore by March 17, 2023, according to the National Securities Depository Ltd.

Rupee Strengthens Against The U.S. Dollar

The local currency strengthened by 19 paise to close 82.55 against the greenback on Friday. It closed at 82.74 on Thursday.

Source: Bloomberg


Sensex, Nifty Rise For Second Consecutive Session 

Indian equity benchmarks ended the day higher after swinging amid volatility through the day.

On a weekly basis, the headline indices declined the most in three weeks. Nifty slipped below the 17,000 levels for the first time in over five months in the week gone by.

The indices rebounded this week from being on the verge of a market correction as NSE Nifty 50 declined 9.10% from the record high and S&P BSE Sensex corrected 8.37%. As market correction happens when markets decline more than 10%, but less than 20%. A bear market is usually defined as a decline of 20% or greater.

U.S. futures were steady on Friday and treasuries gained, capping a tumultuous week for global markets amid concerns of financial turmoil.

The Stoxx Europe 600 index rose about 1%. European banking index climbed, but still down more than 7% this week even after the Swiss central bank’s support for Credit Suisse Group AG.

S&P 500 advanced after the index rallied 1.8% yesterday as larger banks threw a lifeline to First Republic Bank. Banks including JPMorgan Chase & Co. and Citigroup Inc. banded together in a show of support for First Republic on Thursday.

The S&P BSE Sensex closed up 355 points or 0.62% at 57,989.90 while the NSE Nifty 50 was 115 points or 0.67% higher at 17,110.05.

HCL Technologies Ltd., Hindalco Industries Ltd. UPL Ltd., UltraTech Cement Ltd., and JSW Steel Ltd. were the top gainers of the NSE Nifty 50 gauge.

Whereas, Power Grid Corp of India Ltd., Asian Paints Ltd., Sun Pharmaceutical Industries Ltd., Hero MotoCorp Ltd., and Hindustan Unilever Ltd., were the top losers of the NSE Nifty 50 gauge.

Ambuja Cements Ltd., ACC Ltd., and NDTV Ltd. declined in trade, whereas all the other Adani Group company stocks advanced.

The broader market indices ended higher; S&P BSE MidCap was up 0.29% whereas S&P BSE SmallCap was higher by 0.69%.

Seventeen out of the 20 sectors compiled by BSE advanced, while S&P BSE Fast Moving Consumer Goods, S&P BSE Healthcare and S&P BSE Auto declined in trade. .

The market breadth was skewed in the favour of the buyers. About 2,061 stocks rose 1,445 declined, and 128 remained unchanged on the BSE.

The headline indices declined for the second consecutive week, following the financial turmoil in global markets. Nifty logged weekly loss of 1.80%, whereas Sensex declined 1.94% in trade this week.

Indices ended lower in trade lask week, Sensex declined 1.03%, and Nifty was down 1.12%.

All the sectors declined in trade this week, led by PSU Banks, Auto, Smallcaps and I.T.

Nifty Realty was the only sectoral gainer this week.

GAIL  Signs MoU With Shell Energy India For Infrastructure Development, Ethane Sourcing

  • GAIL (India) signs Memorandum of Understanding with Shell Energy India to explore opportunities in different facets of energy value chain.

  • The company is looking to import ethane and explore prospects of importing hydrocarbons.

  • The partnership will also consider LNG for road transport, regasification of imported LNG, renewables

Source: Exchange Filing


Doused in the drill, Rishabh is often found updating th...more
Get Regular Updates