Stock Market Today: Sensex, Nifty End Lower After 7-Day Rally; FPIs Stay Net Sellers

Overseas investors stayed net sellers on Thursday for second consecutive session.

Foreign portfolio investors sold stocks worth Rs 1,564.03 crore, according to provisional data from the National Stock Exchange.

Domestic institutional investors turned net seller after a session of buying and sold stocks worth Rs 9.66 crore, the NSE data showed.

Foreign institutions have been net buyers of Rs 1,31,931 crore worth of Indian equities so far in 2023, according to data from the National Securities Depository Ltd., updated till the previous trading day.

The yield on the 10-year bond closed flat at 7.24% on Thursday.

Source: Bloomberg

Benchmark indices snapped a seven-day gaining streak today to end marginally lower as shares of Larsen & Toubro, Bharti Airtel, and ITC weighed on them.

However, the broader market indices outperformed with the Nifty Midcap 100 closing 0.6% higher and Nifty Smallcap 100 gaining 0.4% .

The Nifty ended 36.55points or 0.17% lower at 20,901.15 while the Sensex closed 0.19% or 132.04 points lower at 69,521.69.

Despite the fact that the Nifty 50 index fell on the first tick of the morning, the momentum towards downside bias could not conquest the sentiment, leading to a sideways trend, said Avdhut Bagkar, technical and derivatives analyst, StoxBox.

"The entire session was range bound, with higher side resistance acting at 20940 and lower support subsiding at 20860," he added.

Asian markets tracked comments from Bank of Japan Governor Kazuo Ueda, which raised concerns of sooner than expected shift from the country's negative interest rates policy, and closed lower on Thursday.

Ueda said that the monetary policy will become even more challenging from the year-end and heading into next year.

Following the comments, European markets also opened lower.

Shares of Bharti Airtel Ltd., ITC Ltd., Larsen & Toubro Ltd., Hindustan Unilever Ltd., and Infosys Ltd., led to the fall while Power Grid Corp. of India Ltd., HDFC Bank Ltd., Adani Ports and Special Economic Zone Ltd., UltraTech Cement Ltd., and Titan Co. Ltd., capped the downside.

Nifty Bank ended flat. Five sectoral indices gained, Nifty Energy rose the most. Nifty FMCG, Nifty Metal and Nifty IT fell.

BSE's broader markets also outperformed as the BSE MidCap rose 0.65%, while the BSE SmallCap was 0.28% higher. Six out of the 20 sectors compiled by the BSE declined while 14 advanced.

The market breadth was skewed in the favour of buyers. About 2,153 stocks gained, 1,602 fell, and 123 were unchanged.

Becomes the 6th Tata firm to cross Rs 1 lakh crore market cap.

• Bags order worth Rs 102 crore from Gujarat government for construction work in Gift City

• Emerges as lowest bidder for contract worth Rs 410 crore from Ahmedabad Municipal Corporation

Source: Exchange filing

• 27.5 lakh shares changed hands in a large trade

• 0.04% equity changed hands at Rs 2,457 apiece

• Buyers and sellers not known immediately

Source: Bloomberg

• 11.4 lakh shares changed hands in a large trade

• 0.04% equity changed hands at Rs 322.45 apiece

• Buyers and sellers not known immediately

Source: Bloomberg

The shares of Bharat Electronics Ltd. rose to touch life-time high on Thursday after it received order worth Rs 3,915 crore.

The company received an order worth Rs 580 crore from the Indian Army for AMC of Radars, it announced through an exchange filing on Wednesday. The company since Sept. 15, 2023, has received additional orders worth Rs 3,335 crore pertaining to AMC for AEW&C system, software defined radios, passive night vision binoculars and more.

Bharat Electronics shares rose as much as 3.62% to Rs 161.80 apiece to reach its life-time high. It pared gains to trade 1.92% higher at Rs 159.15 apiece, as of 1:31 p.m. This compares to a 0.08% advance in the NSE Nifty 50 Index.

It has risen 59.31% on a year-to-date basis. Total traded volume so far in the day stood at 4.6 times its 30-day average. The relative strength index was at 76.

Out of 29 analysts tracking the company, 23 maintain a 'buy' rating, 4 recommend a 'hold,' and 2 suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 53.2%.

Tata Power Co. Limited touched life-time high on Thursday as brokerage firm JM Financial upgraded the company's stock to buy from its earlier rating of hold with a hike in target price.

The brokerage hiked its target price by 52.17% to Rs 350 from the earlier Rs 230 with a potential upside of 24% over the next 12 months.

The analyst upgraded the stock earlier hold in November on the back of "visible resolution of the Mundra issue", expansion of the transmission business beyond distribution, tapping into renewable opportunities and its entry into brownfield pumped hydro storage.

Tata Power rose as much as 9.57% to Rs 322.30 apiece to reach its life-time high. It was trading 8.35% higher at Rs 318.70 apiece, as of 1:03 p.m. This compares to a 0.13% advance in the NSE Nifty 50 Index.

It has risen 53.44% on a year-to-date basis. Total traded volume so far in the day stood at 10 times its 30-day average. The relative strength index was at 84.

Out of 20 analysts tracking the company, 10 maintain a 'buy' rating, 3 recommend a 'hold,' and 7 suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 42.7%.

• New international hotels to be in 'proximal' locations

• New offshore hotels to be on managerial contract basis

Source: Cogencis

The benchmark indices snapped a seven-day winning streak and fell in early trade before coming off its day's low on Thursday.

As of 12.12 p.m. the NSE Nifty 50 was trading 17 points or 0.08% lower at 20,920.55, while the S&P BSE Sensex was 79 points or 0.11% down at 69,574.58. The Nifty and the Sensex declined as much as 0.42% and 0.48%, respectively during the day.

"Key support levels for Nifty are in the range of 20,675–20,725, with resistance identified at 20,960–21,000," Shrey Jain, chief executive officer of SAS Online, said. "Despite a minor pullback, overall market sentiments remain positive."

"Crude oil experiencing a continued decline and priced at $74, and the US bond yield stands at 4.1%. However, after 10 consecutive sessions of buying, starting from Nov. 22, a marginal selloff of 80 crore was observed yesterday," Jain said.

Power Grid Corp., HDFC Bank Ltd., Tata Consultancy Services Ltd., Adani Ports and Special Economic Zone Ltd. and Maruti Suzuki India Ltd., were adding positively to the indices.

Larsen & Toubro Ltd., Reliance Industries Ltd., Hindustan Unilever Ltd., Bharti Airtel Ltd., and ICICI Bank Ltd. were weighing on the indices.

Sectoral indices were trading on a mixed note, with five out of the 13 sectors advancing, seven declining and one remaining flat. The Nifty Energy and Auto gained the most, while Media and FMCG fell the most.

The broader markets outperformed as the BSE MidCap was 0.46% higher and the SmallCap was 0.41% up. Six out of the 20 sectors compiled by the BSE declined, while 14 advanced. FMCG and Metal declined the most.

The market breadth was skewed in favour of the buyers. As many as 2,123 stocks rose, 1,458 fell and 161 remained unchanged on the BSE.

• 15.2 lakh shares changed hands in a large trade

• 0.1% equity changed hands at Rs 475.15 apiece

• Buyers and sellers not known immediately

Source: Bloomberg

• Nov new business premium Rs 1,290 crore, up 2.1% YoY

• Nov new business sum assured, up 32.6% YoY

Source: Exchange Filing

Thomas Cook India's inclusion in MSCI's Domestic Small Cap Index effective November 30.

Source: Exchange Filing

SpiceJet shares were locked in an upper circuit on Thursday after the company announced it has plans to raise fresh capital.

The board of the Indian airlines on Dec. 11 will consider options to raise "fresh capital through issue of equity shares and/or convertible securities on preferential basis" the company announced through an exchange filing.

The shares were locked in an upper circuit with a rise of 19.99% to Rs 52.29 apiece, highest since Aug. 3, 2022. This compares to a 0.10% decline in the BSE Sensex Index at 11:14 a.m.

It has risen 34.94% on a year-to-date basis. Total traded volume so far in the day stood at 15 times its 30-day average. The relative strength index was at 72.

Out of 4 analysts tracking the company, 1 maintain a 'buy' rating and 3 recommends a 'hold,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 26.8%.

Sugar producing companies' shares fell on Thursday reacting to a Bloomberg report saying that India is mulling to put a curb on ethanol production from sugar cane as it grapples with sugar shortage.

• 21.7 lakh shares changed hands in a large trade

• 0.3% equity changed hands at Rs 52.29 apiece

• Buyers and sellers not known immediately

Source: Bloomberg

Company's board to meet on Dec 18 to consider bonus share issue.

Source: Exchange Filing

• 10 lakh shares changed hands in a large trade

• 0.2% equity changed hands at Rs 560.65 apiece

• Buyers and sellers not known immediately

Source: Bloomberg

Wardwizard Innovations dispatches 2,563 units of electric two-wheelers in November 2023.

Source: Exchange Filing

Shares of Hindustan Unilever Ltd fell as much as 2.7% to Rs 2,498.60 apiece, the lowest level since November 17. It pared gains to trade 2.18% lower at Rs 2,511.55 apiece, as of 10:38 a.m. This compares to a 0.25% decline in the NSE Nifty 50 Index.

It has fallen 1.92% on a year-to-date basis. Total traded volume so far in the day stood at 6.3 times its 30-day average. The relative strength index was at 47.55.

Out of 44 analysts tracking the company, 27 maintain a 'buy' rating, 15 recommend a 'hold,' and 2 suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an downside/upside of 12.45%.

Jefferies

Maintain hold with a target price of Rs 2,563

• Anticipated growth during festive season not materializing

• Rural continues to drag as the impact of weak monsoon and lower real wages becomes evident

• High competition should reflect in ad-spends

• Near term earning outlook for HUL remains weak

Macquarie

Outperform with a target price of Rs 3,000

• Festive season has not driven any material uptick in volumes for Q3

• Realization should decline 1-2%

• Gross margin expansion is offset by higher ad spends

• Ebitda margins seen to be flat YoY, expect Ebitda growth of 2% in Q3

Shares of Bharti Airtel Ltd. fell as much as 2.36% to Rs 1,000 apiece. It was trading 2.12% lower at Rs 1,002.70 apiece, as of 10:15 a.m. This compares to a 0.3% decline in the NSE Nifty 50 Index.

It has risen 24.55% on a year-to-date basis. Total traded volume so far in the day stood at 33 times its 30-day average. The relative strength index was at 62.73.

Out of 31 analysts tracking the company, 23 maintain a 'buy' rating, 3 recommend a 'hold,' and 5 suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 1.9%

Shares of Network18 Media & Investment Ltd. slumped as much as 10.31% on Thursday after it announced to merge its TV and digital business.

The company said in an exchange filing it will merge its TV and digital business with Network18.

TV18 Broadcast shareholders will get 100 fully paid-up equity shares of Rs 5 each of Network18 for every 172 equity shares held in the broadcast company.

Similarly, e-Eighteen.com's shareholders will get 19 fully paid-up equity shares for every one share, the exchange filining said.

Shares of Network18 Media & Investment Ltd. slumped as much as 10.31% on Thursday after it announced to merge its TV and digital business.

The company said in an exchange filing it will merge its TV and digital business with Network18.

TV18 Broadcast shareholders will get 100 fully paid-up equity shares of Rs 5 each of Network18 for every 172 equity shares held in the broadcast company.

Similarly, e-Eighteen.com's shareholders will get 19 fully paid-up equity shares for every one share, the exchange filing said.

Shares of Ircon International Ltd fell today after the company said in an exchange filing that government will divest up to an 8% stake in Ircon International Ltd. for Rs 1,158 crore.

The government currently holds an 89.18% stake in the railway engineering company. After the offer for sale, the government's stake in the company will reduce to 67.3%.

It will sell 3.76 crore shares, which is 4%, and will additionally divest another 4% through the greenshoe option at a floor price of Rs 154 per share.

The offer for sale opens on Dec. 7 for non-retail investors and retail investors can participate on Dec. 8. The floor price is set at a discount of 10% on Wednesday's closing price of Rs 171.95 apiece on the NSE.

The scrip fell as much as 8.37% to Rs 157.55 apiece, the lowest level since November 17. It pared losses to trade 7.4% lower at Rs 159.25 apiece, as of 10:13 a.m. This compares to a 0.33% decline in the NSE Nifty 50 Index.

It has risen 166.28% on a year-to-date basis. Total traded volume so far in the day stood at 5 times its 30-day average. The relative strength index was at 48.45.

Out of three analysts tracking the company, two maintain a 'buy' rating and one suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 1.3%.

• 19.3 lakh shares or changed hands in 4 large trades

• 1% equity changed hands at price range of Rs 3,334.25 to 3,351.10 apiece

• Buyers and sellers not known immediately

Source: Bloomberg

• 11.5 lakh shares changed hands in a large trade

• 0.1% equity changed hands at Rs 1,135.50 apiece

• Buyers and sellers not known immediately

Source: Bloomberg

Shares of Paytm tumbled to hit the 20% lower circuit after analysts downgraded the stock as the company decided to bring down the level of unsecured loans under Rs 50,000 in a calibrated manner.

"Postpaid loans is a portfolio which is predominantly under Rs 50,000. On the back of the macro developments and regulatory guidance, which is there, we have decided to—in a calibrated manner—keep scaling the Rs 50,000 portfolio, especially the Postpaid loan, down," Bhavesh Gupta, president and chief operating officer of Paytm, said in a conference call on Wednesday.

JPMorgan called it a "profit warning", highlighting a sharp moderation in its ticket loan distribution following the system-level concern from the regulators and lending partners.

The company is indicating a 40–50% drop in low-ticket lending as it had intensified bottom scaping of customers with lower limits, with rising system-level concerns around low-ticket unsecured lending, the research firm said in a note. "We assume a sustained slowdown in BNPL and even PL over FY24/25, and do not give credit on offsets via pick-up in Merchants loans/high tickets loans or any flexibility that Paytm may have on direct costs."

Benchmark indices fell after opening flat today, snapping their seven day gaining streak. The losses were led by shares of HDFC Bank, ICICI Bank, and Hindustan Unilever.

At pre-open, the S&P BSE Sensex Index was up 46.57 points, or 0.07%, at 69,700 while the NSE Nifty 50 was down 5.30 points or 0.03% higher at 20,932.40.

"We believe that as long as the index is trading above 20850/69300, the positive sentiment will likely continue. Above this, the market could rally until 21050-21100/69900-70200," said said Shrikant Chouhan, head of equity research at Kotak Securities.

On the flip side, below 20850/69300, the uptrend would be vulnerable. Below the same, the market could retest the level of 20750-20700/68900-68600.

For the Bank Nifty, below 46650, it would find support at 46550 and 46450. Buying is advisable between the same with a final stop loss at 46300. On the higher side, resistance would be 47250 and 47750, Chouhan said.

ICICI Bank Ltd. , HDFC Bank Ltd., Hindustan Unilever Ltd., Bharti Airtel Ltd., and Reliance Industries Ltd., led to the fall whereas shares of Adani Ports and Special Economic Zone Ltd., Adani Enterprises Ltd., Tata Consultancy Services Ltd., and UltraTech Cement Ltd. cushioned the fall.

Nifty Energy, Nifty Pharma, and Nifty IT were the only sectoral indices that rose. Nifty Media fell the most by over 1% and Nifty FMCG lost 0.80%.

Benchmark indices traded flat in the pre-market trade. At pre-open, the S&P BSE Sensex Index was up 46.57 points, or 0.07%, at 69,700 while the NSE Nifty 50 was down 5.30 points or 0.03% higher at 20,932.40.

The yield on the 10-year bond opened flat at 7.24% on Thursday.

Source: Bloomberg

• The local currency weakens 3 paise to 83.36 against the U.S dollar on Thursday. 

• It closed at 83.33 on Wednesday

Source: Bloomberg

Downgrade to Neutral from overweight, TP: Rs 900 from Rs 1200

• Sharp moderation in low ticket loan distribution

• Guided for a 40-50% decline in postpaid loans

• EBITDA impact of 50 crore per quarter (13% of FY25 EBITDA)

• Pivot to large ticket personal loans to offset impact

• Seems to be driven by desire of lending partners

• No portfolio deterioration seen in underwriting yet

• Board meeting scheduled on Dec 11 to mull raising fresh capital

• Plans raising funds via shares, convertible securities

  Source: Exchange Filing

Doms Industries' bidding for the issue to open on Dec 13 and close on Dec 15.

Source: Company Statement

U.S. Dollar index at 104.12

U.S. 10-year bond yield at 4.13%

Brent crude up 0.34% at $74.55 per barrel

Nymex crude up 0.46% at $69.70 per barrel

GIFT Nifty was down 23 points or 0.11% at 21,037 as of 7.52 a.m.

Bitcoin was 0.28% up at $43,946.05.

• Nifty December futures rose 0.46% to 21,039.30 at a premium of 101.6 points.

• Nifty December futures open interest rose by 3.27% to 7,115 shares.

• Nifty Bank December futures fell 0.48% to 46,926.20 at a premium of 91.65 points.

• Nifty Bank December futures open interest fell by 12.56% to 18,209 shares.

• Nifty Options Dec. 7 Expiry: Maximum call open interest at 21,000 and maximum put open interest at 20,800.

• Bank Nifty Options Dec. 13 Expiry: Maximum call open Interest at 47,000 and maximum put open interest at 44,000.

• Securities in ban period: Delta Corp, Indiabulls Housing Finance, the India Cements, Steel Authority of India, and Zee Entertainment Enterprises.

• Price band revised from 10% to 20%: Fertilizers and Chemicals Tranvacore, Focus Lighting and Fixtures, Hardwyn India, Olectra Greentech, Orchid Pharma, PC Jeweller, Senco Gold, Tatva Chintan Pharma Chem.

• Price band revised from 20% to 10%: Adani Green, Adani Total Gas.

• Price band revised from 5% to 10%: Axiscades Technologies, Dhani Services, Kamdhenu Ventures, KPI Green Energy, MMTC, Nagarjuna Fertilizers and Chemicals, Patanjali Foods, Premier Explosives, PTC Industries, Sanghi Industries, Thomas Cook (India).

• Price band revised from 5% to 20%: Axita Cotton, Brightcom Group, Patel Engineering.

• Move into a short-term ASM framework: Cantabil Retail India, Datamatics Global Services,

• Move out of short-term ASM framework: Sequent Scientific.

• Ethos: Mahen Distribution sold 3.48 lakh shares (1.49%) and Eastspring Investments India Consumer Equity Open bought 1.25 lakh shares (0.53%) at Rs 1,872 apiece.

• Advance Enzyme Tech: Advanced Vital Enzymes sold 6.18 lakh shares (0.55%) at Rs 359.25 apiece.

• Kesoram Industries: Morgan Stanley Asia Singapore Pte bought 21.32 lakh shares (0.68%) at Rs 154.17 apiece.

• JTL Industries: Pranav Vijay Singla bought 9.14 lakh shares (0.53%) at Rs 200.62 apiece and Societe General bought 17 lakh shares (0.99%) at Rs 196.78 apiece. Build Ash Constructions LLP sold 50 lakh shares (2.93%) at Rs 195.82 apiece, Kusum Bansal sold 13.8 lakh shares (0.81%) at Rs 196.36 apiece, Shilpa Bansal sold 13.45 lakh shares (0.79%) at Rs 196.99 apiece, Mohinder Pal sold 19.08 lakh shares (1.12%) at Rs 200.25 apiece, Mukesh Kumar sold 50 lakh shares (2.93%) at Rs 199.23 apiece, BNP Paribas Arbitrage sold 9.59 lakh shares (0.56%) at Rs 200.29 apiece, and Shilpa Bansal sold 32 lakh shares (1.87%) at Rs 204.03 apiece.

• Shalimar Paints: Shivang Jhunjhnuwala, Sarika Jhunjhnuwala, Surya Kumar Jhunjhnuwala, Ritu Jhunjhnuwala, and Gaurang Jhunjhnuwala sold 74.08 lakh shares (8.84%) and Hella Infra Market bought 32.83 lakh shares (4.54%) between Rs 178 and Rs 180.1 apiece.

• Capacite Infraproject: Infinity Asset Advisors Pvt. sold 6.05 lakh shares (0.82%) at Rs 255.31 apiece.

• Swan Energy: 2I Capital PCC sold 15.9 lakh shares (0.6%) at Rs 437.51 apiece.

• TV18 Broadcast: Quant Mutual Active Fund bought 10.7 lakh shares (0.62%) at Rs 55.32 apiece.

• Bharat Electronics: The company received orders worth Rs 3,915 crore for the supply of various defence equipment.

• Ircon International: Government to sell an 8% stake via an offer for sale at a floor price of Rs 154 per share, 4% of which includes base size and green shoe of 4%. The OFS to non-retail to open on Dec. 7 and for retail on Dec. 8.

• Delta Corp: The Calcutta High Court has granted interim relief to subsidiary Deltatech Gaming in a case involving a Rs 6,384-crore GST notice that was sent in October.

• Network18 Media & Investments: The company will merge its television and digital news businesses with itself. Under the scheme of amalgamation, TV18 Broadcast shareholders will get 100 fully paid-up equity shares of Rs 5 each of Network18 for every 172 equity shares held in the broadcast company.

• Dr. Reddy's Laboratories: The drugmaker and Coya Therapeutics entered into a collaboration for the development and commercialisation of Coya 302, an investigational combination therapy for the treatment of amyotrophic lateral sclerosis. The company will make an upfront payment of $7.5 million to Coya for the development and commercialisation deal, and the company will obtain commercialisation rights for Coya 302 in the US, Canada, the EU and the UK.

• One 97 Communications: The company expands its credit distribution business to enhance focus on higher-ticket loans for consumers and merchants in partnership with banks and NBFCs.

• Adani Ports and Special Economic Zone: The company will consider a proposal to raise funds through a bond issue in its board meeting on Dec. 12.

• Vedanta: The board of the company's subsidiary, Hindustan Zinc, approved a second interim dividend of Rs 6 per equity share for the financial year, amounting to Rs 2,535 crore.

• Hindustan Unilever: The board approved the appointment of Tarun Bajaj as an independent director.

• IDFC First Bank: Madhivanan Balakrishnan resigned as executive director w.e.f. Dec. 6.

• Rites: The company signed an MoU with Meghalaya Industrial Development Corp. for developing multi-modal logistics projects.

• Brigade Enterprises: The company signed a joint development agreement for office space in Bengaluru with a development value of Rs 500 crore.

• PVR-Inox: The company opened a four-screen multiplex in Gwalior. It now operates the largest multiplex network with 1,709 screens across 358 properties in 113 cities.

• Alok Industries: The company entered into facility agreements with State Bank of India to avail a Rs 1,750-crore loan to repay existing debt and a Rs 90-crore loan to meet working-capital requirements.

• Sharda Cropchem: Appointed Shailesh Anant Mehendale as CFO w.e.f. Dec. 6.

• Jtekt India: The company has approved capacity expansion for MS-Gear Line from 2.0 million to 2.4 million.

The December futures contract of the GIFT Nifty hints at a muted opening for benchmarks. At 07.52 a.m., GIFT Nifty was down 23 points or 0.11% at 21,037 points.

India's benchmark indices closed at a record high for the third consecutive day on Wednesday as ITC Ltd., Larsen & Toubro Ltd. and Reliance Industries Ltd. led the gains.

The NSE Nifty 50 ended 83 points or 4% higher at 20,937.70, while the S&P BSE Sensex closed 358 points or 0.52% up at 69,653.73. Investors now await the Nifty 50 to cross the crucial 21,000 level.

Share indices in the Asia-Pacific region were trading on a mixed note, tracking overnight losses on Wall Street and as the US Treasury yields declined.

Markets in Australia fell as a slump in crude oil prices weighed on the commodity prices, which dented investors' sentiment. Commodities make up a large portion of Australia's exports.

Markets in Japan were trading lower. Nikkei was down 0.87% at 33,132.35 as of 6.40 a.m.

The US Treasury yields continued to fall as private payrolls declined more than market expectation, fuelling investors' bet the Federal Reserve is done with monetary tightening and may start loosening from next year.

Fall in safe-haven US Treasury yields boosted investors' sentiment for riskier assets, such as emerging markets' equities. Markets in China were trading higher.

Brent crude was trading up 0.34% at $74.55 per barrel. Gold was up by 0.13% to $2,028.86 an ounce.

Overseas investors turned net sellers on Wednesday after remaining net buyers for eight consecutive sessions. Foreign portfolio investors sold stocks worth Rs 79.9 crore, while domestic institutional investors turned net buyers after one session of selling and bought stocks worth Rs 1,372.2 crore, the NSE data showed.

The Indian rupee strengthened 6 paise to close at Rs 83.33 against the dollar on Wednesday.