Overseas investors in Indian equities remained net buyers for the fourth day in a row on Wednesday.

Foreign portfolio investors mopped up equities worth Rs 3,671.5 crore, according to data from the National Stock Exchange.

Domestic institutional investors snapped ninth-day buying streak and turned sellers. They sold stocks worth Rs 937.8 crore.

Foreign institutions have remained net sellers and offloaded Rs 35,570.23 crore worth of Indian stocks so far in 2023.

The yield on the 10-year bond closed 3 bps higher at 7.43% on Wednesday. It closed at 7.40% on Monday.

Source: Bloomberg

The local currency weakens by 14 paise to 82.05 at close against the greenback on Wednesday. It closed at 81.92 on Monday.

Source: Bloomberg

Shares of Indian conglomerate ITC climbed to close at an all time high on Wednesday.

The scrip rose 1.09% to close at 392.45 per share. Intraday, it gained 1.29% to Rs 393.15.

Of the 37 analysts tracking the stock, 35 maintained 'buy' and two analysts recommended 'hold'. The return potential is 10% over the next 12 months.

The share price had climbed to all time high of Rs 394 on an intraday basis on Feb.23, 2023. This demonstrates that the investors may be starting to focus on stability in a market churning with concerns over corporate governance, according to Bloomberg.

It’s the best-performing stock in the NSE Nifty 50 Index with a 18.35% gain year-to-date, compared with 1.94% decline in benchmark Nifty 50.

Bloomberg reported that ITC has one of the highest dividend yields and returns-on-equity among Nifty members. It also ranks top in a Bloomberg Economics analysis of governance, liquidity and leverage at Indian conglomerates.

Source: Bloomberg

Indian equity benchmarks reversed losses to end higher in trade on Wednesday after the global equities declined trigged by hawkish speech from the U.S. Federal Reserve Chairman, Jerome Powell.

The S&P BSE Sensex re-scaled the 60,000 level after falling below the mark at the opening bell on Wednesday. The index had risen to these levels after nine trading sessions on Monday.

Global stock markets struggled on Wednesday, after comments from Federal Reserve Chair Jerome Powell boosted interest rate wagers, drove up treasury bond yields and revived fears that the world’s largest economy will not be able to dodge a recession.

U.S. equity futures traded flat, after the underlying S&P 500 and Nasdaq indexes posted their biggest losses in two weeks on Tuesday.

During a Senate testimony, the Federal Reserve’s chief signaled officials are ready to speed up the pace of tightening and take rates to higher levels should inflation keep running hot.

The S&P BSE Sensex closed up 124 points or 0.21% at 60,346.09 while the NSE Nifty 50 was 43 points or 0.24% higher at 17,754.40.

ITC Ltd., Larsen and Toubro Ltd., IndusInd Bank Ltd., ICICI Bank Ltd., and Reliance Industries Ltd. were positively contributing to the index NSE Nifty 50.

Whereas, Infosys Ltd., Bajaj Finance Ltd., Kotak Mahindra Bank Ltd., Hindalco Industries Ltd., and Sun Pharmaceutical Industries Ltd., were dragging the index.

Shares of all Adani Group companies ended with gains.

The Adani Group said its promoters have prepaid debt worth of Rs 7,374 crore, or $902 million, backed by shares of four group companies, ahead of its latest maturity in April 2025.

Also, National Stock Exchange has moved Adani Enterprises Ltd. out of the short-term additional surveillance measure.

The broader market indices were trading marginally higher; S&P BSE MidCap was up 0.61% whereas S&P BSE SmallCap was higher by 0.28%.

Thirteen out of 20 sectors compiled by BSE advanced while seven declined in trade.

The market breadth was in the favour of the buyers. About 1,954 stocks rose, 1,517 declined, and 125 remained unchanged on the BSE.