Stock Market Today: Nifty, Sensex Snap Five-Day Winning Streak, FPIs Remain Net Buyers
Get the latest on market update and other key developments here for Jan. 16.
KEY HIGHLIGHTS
FPIs Remain Net Buyers For Second Day
Overseas investors stay net buyers for the second consecutive day of Indian equities on Tuesday.
Foreign portfolio investors mopped up stocks worth Rs 656.57 crore, according to provisional data from the National Stock Exchange.
Domestic institutional investors stayed net sellers and sold equities worth Rs 369.29 crore, the NSE data showed.
Foreign institutions have been net buyers of Rs 5449 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 NSE Nifty 50 closed 65 points or 0.29% lower at 22,032.30, while the S&P BSE Sensex ended 199 points or 0.27% down at 73,128.77.
Rupee Weakens Against The U.S. Dollar
The local currency weakened 19 paise to close at 83.08 against the U.S dollar on Tuesday.
It closed at 82.89 on Monday.
Source: Bloomberg
Nifty, Sensex Snap Five-Day Winning Streak As RIL, Infosys, TCS Fall: Market Wrap
Snapping a five-day winning streak, domestic benchmark equity indices settled lower on Tuesday as losses in shares of Reliance Industries Ltd, Infosys Ltd, and Tata Consultancy Services Ltd.
The benchmark NSE Nifty 50 settled 65.15 points or 0.29% lower at 22,032.30, while the S&P BSE Sensex ended 199.16 points or 0.27% down at 73,128.77.
On Tuesday, the Nifty 50 index touched a record high of 22,124.15, and Sensex rose to a fresh high of 73,427.59.
"The broad market exhibited profit booking following a good performance by the IT sector amid weak global cues. Investors are contemplating whether the current euphoria in markets has gone farfetched, especially with elevated domestic valuations in mid & small caps. FII flows are mixed due to a lack of fresh triggers. Oil prices stayed firm amid undeterred geopolitical tensions. The latest IIP growth signals near-term softness," said Vinod Nair, head of research, Geojit Financial Services.
Reliance Industries Ltd, Infosys Ltd, Tata Consultancy Services Ltd, HCL Technologies Ltd, and NTPC Ltd weighed on the indices.
HDFC Bank Ltd, ITC Ltd, Larsen & Toubro Ltd, Titan Company Ltd, and Tata Steel Ltd contributed positively to the indices.
On NSE, seven out of 12 sectors declined, while five advanced. Nifty Realty declined 1.7% to become the worst performer. Nifty IT snapped its two-day rally and fell 1.28% to emerge as the second worst performer.
The Nifty Metal index rose 0.99% to be come the top performer among sectoral indices.
Broader markets also fell. The BSE Midcap was down 0.31%, while the Smallcap was 0.43% lower.
Thirteen out of the 20 sectors compiled by BSE Ltd. declined, while seven advanced. Realty and Utilities fell the most.
Market breadth was skewed in favour of sellers. Around 2,506 stocks fell, 1,334 stocks rose, and 89 remained unchanged
GQG Partners Increase Stake In ITC
Increased stake to 2.79% in Dec. 2023 from 1.58% in Sept. 2023
Bought 15.1 crore shares in Q3
Current holding value at Rs 16,436 crore vs Rs 8,744.3 crore as on Sept. 29
Source: Exchange Filing
H2FY24 NIM Guidance Momentum Not Playing Through, Says Federal Bank's MD & CEO
Liquidity is tight and deposit growth is coming at a high price, said Shyam Srinivasan, managing director & CEO, Federal Bank
Deposit growth is from client money as opposed to buying bulk in market
Near-time margin impact is expected
Long-term guidance on return ratios remain intact
Regulator not inclined to offer one-year extensions for MD & CEO post
Board will submit candidates' names to RBI by end-April or early May
Alert: On Jan. 5, RBI asked the bank to submit at least two fresh names for the MD & CEO post
Source: Federal Bank Q3FY24 Press Conference
