Stock Market Today: Sensex, Nifty End Lower As Fed Hike, Yellen Comments Rattle Markets
Sensex closed down 289 points or 0.50% at 57,925.28 while Nifty was 75 points or 0.44% lower at 17,076.90.
KEY HIGHLIGHTS
FPIs Turn Net Sellers After A Day
Overseas investors in Indian equities turned net sellers on Thursday, after a day.
Foreign portfolio investors offloaded stocks worth Rs 995.01 crore during the day, according to data from the National Stock Exchange.
Domestic institutional investors remained net buyers for the eleventh day in a row, as they raked in equities worth Rs 1,668.85 crore.
Foreign portfolio investors have remained net sellers so far in 2023, offloading around Rs 51,080.93 crore.
Yield On The 10-Year Bond Flat
The yield on the 10-year bond closed flat at 7.33% on Thursday.
Source: Bloomberg
Indian Rupee Strengthens Against U.S. Dollar
The local currency appreciated about 40 paise to close at 82.26 against the greenback.
It closed at 82.67 on Tuesday.
Source: Bloomberg
Closing Bell: Sensex, Nifty Snap Two Days Of Gain
Indian equity benchmarks closed lower along with most of their global peers after comments by Fed Chief Powell and US Treasury Secretary Janet Yellen on the safety of bank deposits rattled investors.
U.S. traders got a double dose of stress on Wednesday following the Fed’s expected 25-basis-point rate hike and Yellen telling the lawmakers that the government wasn’t considering a “blanket” deposit insurance to stabilize the banking system.
Asian markets were mixed, whereas European stocks fell as investors awaited key rates decisions in the region. U.S equity futures climbed, signaling a recovery following a tumultuous day of losses on Wall Street Wednesday.
The S&P BSE Sensex Index closed down 289 points or 0.50% at 57,925.28 while the NSE Nifty 50 Index was 75 points or 0.44% lower at 17,076.90.
Reliance Industries Ltd., HDFC Bank Ltd., Infosys Ltd., Kotak Mahindra Bank Ltd., State Bank of India, ICICI Bank Ltd., HDFC Ltd., Asian Paints Ltd., HCL Technologies Ltd., and Larsen and Toubro Ltd. were negatively contributing to the change in the Nifty 50 Index.
Adani Group company stocks ended mixed in trade. Adani Ports and SEZ Ltd., Adani Enterprises Ltd., Ambuja Cements Ltd., and Adani Power Ltd., declined in trade, whereas all the other stocks advanced.
The Mumbai Stock Exchange and the National Stock Exchange have again put Adani Power Ltd. under the short-term additional surveillance measures framework as of March 23. Adani Power had just come out of the short-term ASM framework on March 17, along with Adani Enterprises Ltd. and Adani Wilmar Ltd.
Adani Green Energy and NDTV Ltd. moved into the first stage of the long-term additional surveillance measures framework on Monday, March 20.
The broader market indices were tradin lower; S&P BSE MidCap was down 0.45% whereas S&P BSE SmallCap was higher by 0.15%.
Eleven out the 19 sectors compiled by BSE declined, whereas eight sectors advanced in trade.
The market breadth was skewed in the favour of sellers. About 1,446 stocks rose 2,055 declined, and 133 remained unchanged on the BSE.