Stock Market Today: Sensex, Nifty End Lower For Third Week In A Row
Sensex closed down 398 points or 0.69% at 57,527.10 while the Nifty was lower by 132 points or 0.77% at 16,945.05.
KEY HIGHLIGHTS
FII Outflows Rise On Second Day Of Selling
After a brief respite earlier this week, foreign investors continued to sell on Friday, for the second day in a row.
Foreign institutional investors offloaded stocks worth Rs 1,720.44 crore during the day, according to data on National Stock Exchange.
Domestic institutional investors remained net buyers for 12 days in a row, picking up stocks worth Rs 2,555.53 crore, the NSE data showed.
Foreign investors have been net sellers in the year so far, selling stocks worth Rs 52,801.37 crore
Yield On The 10-Year Declines
The yield on the 10-year bond closed 2 bps lower at 7.31% on Friday. It closed at 7.33% on Thursday.
Source: Bloomberg
Indian Rupee Depreciates Against U.S. Dollar
The local currency depreciated 22 paise to close at 82.48 against the greenback on Friday.
It closed at 82.26 on Thursday.
Source: Bloomberg
Sensex, Nifty Closes Lower For Second Consecutive
Indian equity benchmarks ended lower in trade after a volatile Friday following weak Asia and U.S. trade sparked by a sell-off in banks and rally in information technology services stocks.
The headline indices fell for the third straight week, declining less than 1% in trade. Benchmarks fell nearly 10% from its previous all-time high on Dec. 1, 2022, indicating that the market has corrected. A market correction is a market decline that is more than 10%, but less than 20%. A bear market is usually defined as a decline of 20% or greater. S&P BSE Sensex was 9.10% lower, whereas, NSE Nifty 50 was down 9.93% from its last high.
European and Asian markets fell, whereas U.S. equity futures erased gains. Financials were among the worst-performing sectors on MSCI Inc.’s Asia-wide index.
Treasury Secretary Janet Yellen clarified to the U.S. lawmakers that the government would be prepared for further steps to protect deposits if needed. This came after her Wednesday's commentary that the government wasn’t considering a “blanket” deposit insurance to stabilise the banking system, triggered a sell-off.
The S&P BSE Sensex Index closed down 398 points or 0.69% at 57,527.10 while the NSE Nifty 50 Index was lower by 132 points or 0.77% at 16,945.05.
ITC Ltd., HDFC Ltd., ICICI Bank Ltd., Tata Steel Ltd., Axis Bank Ltd., Bajaj Finserv Ltd., State Bank of India, Bajaj Finance Ltd., Larsen and Toubro Ltd., Reliance Industries Ltd. were negatively adding to the change in Nifty 50 Index.
Adani Group company stocks reversed their early gains and ended mixed in trade on Friday. Only Adani Green Energy Ltd., Adani Transmission Ltd. and Adani Total Gas Ltd., advanced, while all the other stocks declined.
The broader market indices ended lower in traade; S&P BSE MidCap was down 1.25% whereas S&P BSE SmallCap was lower by 1.37.
All the 19 sectors compiled by BSE declined, with S&P BSE Realty and S&P BSE Metal declining the most.
The market breadth was skewed in the favour of sellers. About 1,308 stocks rose 2,019 declined, and 139 remained unchanged on the BSE.
The headline indices declined for the third consecutive week. Nifty logged weekly losses of 0.91%, whereas Sensex declined 0.80% in trade this week.
Indices ended lower in trade last week, Sensex declined 1.94%, and Nifty was down 1.80%.
Most of the sectors declined in trade this week with Nifty Realty and Nifty Metal being the top losers.
Nifty Pharma and Nifty FMCG, on the other hand, were the only two sectoral gainers this week.