Stock Market Today: Nifty, Sensex Close Lower As HUL, RIL Drag; Nifty Bank Gains Nearly 1%
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KEY HIGHLIGHTS
FPIs Stay Net Sellers For Fourth Straight Day
Overseas investors remained net sellers of Indian equities for the fourth consecutive day on Saturday.
Foreign portfolio investors offloaded equities worth Rs 545.6 crore, according to provisional data from the National Stock Exchange.
Domestic institutional investors turned net sellers after four days and offloaded stocks worth Rs 719.3 crore, the NSE data showed.
ICICI Bank Q3 Results Key Highlights
Net profit: Rs 10271 crore vs Rs 8312 crore YoY
NII: Rs 18,679 crore vs Rs 16,465 crore YoY
GNPA: 2.3% vs 2.48% QoQ
NNPA: 0.44% vs 0.43% QoQ
Nifty, Sensex Close Lower As HUL, RIL Drag: Closing Bell
Benchmark equity indices closed lower today as shares of Hindustan Unilever and Reliance Industries dragged after their Q3 results.
The Nifty index closed 50.60 points or 0.23% lower at 21571.80 while the Sensex lost 259.58 points or 0.36% to close at 71423.65.
"The Nifty opened higher and remained volatile throughout the day. The overall consolidation phase may persist for the next few days or until the Nifty stays within the range of 21500-21700, Rupak De, Senior Technical Analyst, LKP Securities.
He added that only a decisive breakout on either side could initiate a directional move. "A significant decline below 21500 might trigger a correction towards 21300 and below. Conversely, a robust breakout above 21700 is needed for a resumption of the uptrend," De added.
Shares of Hindustan Unilever Ltd., Reliance Industries Ltd., IndusInd Bank Ltd., Tata Consultancy Services Ltd., and HDFC Bank dragged the index.
Meanwhile, those of ICICI Bank Ltd., Bharti Airtel Ltd., Axis Bank Ltd., Coal India Ltd., and Larsen & Toubro Ltd., cushioned the fall.
Sectoral indices on the NSE closed mixed with Nifty PSU Bank gaining nearly 2%. Nifty FMCG lost the most.
The broader markets outperformed as the BSE MidCap rose 0.46%, while the BSE SmallCap was 0.41% higher. Eleven out of the 20 sectors compiled by the BSE advanced, while nine declined.
The market breadth was skewed in the favour of buyers. As many as 2,060 stocks advanced, 1,752 declined and 96 remained unchanged on the BSE.
Bharti Airtel Board Approves Bharti Hexacom IPO
Bharti Airtel files DRHP with SEBI
Bharti Hexacom IPO to offer up to 10 crore shares via OFS, no issue of fresh shares
Source: Exchange Filing
Union Bank Of India Q3 Results Key Highlights (YoY)
Consolidated revenue at Rs 2,934.8 crore, up 20.5%
Consolidated Ebitda at Rs 625.1 crore vs Rs 247.3 crore
Consolidated margin at 21.29% vs 10.15%
Consolidated net profit at Rs 283.8 crore vs Rs 37.15 crore
Union Bank Of India Q3 Results Key Highlights
Net profit at Rs 3,589.9 crore, up 60% YoY
Gross NPA at 4.83% vs 6.38% QoQ
Net NPA at 1.08% vs 1.30% QoQ
NII at Rs 9,168 crore, up 6% YoY
Can Fin Homes Q3 Results Key Highlights YoY
Net profit at Rs 200.1 crore, up 32% YoY
Total income at Rs 901.9 crore, up 27% YoY
Gross NPA at 0.91%; Net NPA at 0.49%
Source: Exchange Filing
Rajratan Global Wire Q3 Results Key Highlights YoY
Consolidated revenue at Rs 232.7 crore, up 16.4%
Consolidated Ebitda at Rs 34.23 cr vs Rs 37.76 cr, down 9.4%
Consolidated margin at 14.71% vs 18.88%
Consolidated net profit at Rs 19.68 crore, down 10.5%
Kotak Bank Approves Reappointment Of Uday Shankar As Independent Director
Approves reappointment for 3 years effective March 16
Source: Exchange Filing
IDBI Bank Q3 Results Key Highlights
Net profit at Rs 1,458.2 crore, up 57% YoY
Gross NPA at 4.69% vs 4.90% QoQ
Net NPA at 0.34% vs 0.39% QoQ
NII at Rs 3,434.5 crore, up 17% YoY
Aarti Surfactants Q3 Results Key Highlights (YoY)
Consolidated revenue at Rs 138.8 crore, up 3.89%
Consolidated Ebitda at Rs 16.73 crore, up 23.4%
Consolidated margin at 12.05% vs 10.15%
Consolidated net profit at Rs 6.68 crore, up 67.8%
Astrazeneca Gets CDSCO Nod For New Drug
Gets CDSCO nod to import formulations of new drug
Source: Exchange Filing
Volume Buzzers at 12:41 PM
Sis Ltd at 18.43 times its 30 day average
Hindustan Foods at 8.26 times its 30 day average
Rites Ltd at 5.97 times its 30 day average
Ceat Ltd at 4.37 times its 30 day average
Ganesh Housing Corporation at 4 times its 30 day average
Sensex, Nifty Trade Higher As ICICI Bank, Bharti Airtel, L&T Lead: Midday Market Update
India's benchmark stock indices were trading higher through midday during the special trading session on Saturday, as shares of ICICI Bank Ltd., Bharti Airtel Ltd., and Larsen & Toubro Ltd. gained.
As of 12:12 p.m. the S&P BSE Sensex was 535.28 points, or 0.75% higher at 71,722.14, while the NSE Nifty 50 was 183.85 points, or 0.86% higher at 21,646.10.
Intraday, the Sensex rose to 72,026.26, while the Nifty 50 touched a high of 21,720.30.
"The Indian stock market witnessed a commendable recovery driven by positive global sentiments yesterday. This optimistic trend has extended into today as well," said Shrey Jain, founder and chief executive officer of SAS Online.
Following a gap-up opening, it is expected that the Nifty will consolidate around its current levels. Even with possible short-term ups and downs, the larger trend indicates that it's a good idea to sell when prices are going up, Jain said.
Bharti Airtel Ltd., ICICI Bank Ltd., ITC Ltd., Larsen & Toubro Ltd. and NTPC Ltd. were positively contributing to changes in the Nifty.
Adani Enterprises Ltd., Hindustan Unilever Ltd., HDFC Bank Ltd., IndusInd Bank Ltd. and Nestle India Ltd. weighed on the index.
Five of the 12 sectors compiled by the NSE declined and seven advanced.
The Nifty media rose 1.48% to become the top gainer, while Nifty FMCG fell 0.70%, becoming the top loser.
Broader markets outperformed benchmark indices; the S&P BSE Midcap gained 0.59% and the S&P BSE Smallcap rose 0.64%.
Fifteen of the 20 sectors compiled by the BSE advanced, while five declined. S&P BSE Utilities rose the most.
The market breadth was skewed in favour of buyers. Around 2,138 stocks rose, 1,520 stocks declined, and 142 remained unchanged on BSE.
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Kotak Mahindra Bank Q3 Results Key Highlights
Net profit at Rs 3,005 crore, up 7.6% YoY
Net profit at Rs 3,005 crore vs Bloomberg estimates of Rs 3,164.3 crore
Net interest income at Rs 6,553.5 crore, up 16% YoY
Gross NPA at 1.73% vs 1.72% QoQ
Net NPA at 0.34% vs 0.37% QoQ
Provided Rs 190 crore against AIF investments
Provided Rs 65 crore against security receipts
Net interest margin stands at 5.22%, unchanged sequentially
RITES Gets Construction Order
Gets order worth Rs 414 crore from IIT Bhubaneswar.
Source: Exchange Filing
PTC India Financial Services Jumps To Multi-Year High
PTC India Financial Services Ltd gained 14.18% to Rs 53.95 apiece, the highest level since May 26, 2015. It trading 12.59% higher at Rs 53.20 apiece, as of 11:36 a.m. This compares to a 0.15% advance in the NSE Nifty 50 Index.
It has risen 206.05% in 12 months. Total traded volume so far in the day stood at 3.1 times its 30-day average. The relative strength index was at 79.22, which implied the stock is overbought.
HUL Shares Fall Over 3% After Q3 Results
The scrip fell as much as 3.25% to Rs 2,482.10 apiece, the lowest level since Nov 17, 2023. It pared gains to trade 2.96% lower at Rs 2,489.80 apiece, as of 10:51 a.m. This compares to a 0.3% advance in the NSE Nifty 50 Index.
It has fallen 2.33% in the last twelve months. Total traded volume so far in the day stood at 2.1 times its 30-day average. The relative strength index was at 33.62.
NHPC Shares Hit Life High
The scrip rose as much as 6.73% to Rs78.50 piece, the highest level. It pared gains to trade 6.25% higher at Rs 78.15 apiece, as of 10:35 a.m. This compares to a 0.24% advance in the NSE Nifty 50 Index.
It has risen 87.32% in the last twelve months. Total traded volume so far in the day stood at 4.3 times its 30-day average. The relative strength index was at 77.60, indicating that the stock may be overbought.
Out of nine analysts tracking the company, eight maintain a 'buy' rating, and one suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 16%.
BofA On Hindustan Unilever
Rate buy with price target of Rs 2,805 (earlier Rs 2,905)
Q3 revenue, Ebita flat YoY on high base, volume growth in-line
Gainer market share of ~200bps
See investments continue despite macro issues
To emerge stronger as environment normalises
Lower earnings estimates by 2-6%
BofA On Hindustan Zinc
Rate underperform with price target of Rs 220
Ebitda, PAT in-line with estimates
Zinc CoP down 4% QoQ to $1,095/t on softened coal price, better grades
Zinc prices to trade at marginal costs without more meaningful supply cuts
Godawari Power Gets Approval For Sponge Iron Capacity Expansion
Capacity to be expanded to 5.94 lk MTPA from 4.95 lk MTPA
Source: Exchange Filing
IREDA Shares Hit Life High
Indian Renewable Energy Development Agency Ltd. shares rose over over 9% to hit an all-time high. It rose as much as 9.64% at Rs 148.40.
The relative strength index was at 83, indicating that stock may be overbought.
The one analyst tracking the company has a 'sell' rating. The average 12-month consensus price target implies a downside of 45.7%.
HFCL Hits Two-Year High
Shares of HFCL rose over 8% to over two-year high after the company informed the exchanges it has bagged an order worth Rs 623 crore from telecom service provider.
HFCL Ltd rose as much as 8.5% to Rs 96.10 apiece, the highest level since Jan 17, 2022. It was trading 7.28% higher at Rs 95.00 apiece, as of 10:16 a.m. This compares to a 0.16% advance in the NSE Nifty 50 Index.
It has risen 32.87% in 12 months. Total traded volume so far in the day stood at 2.8 times its 30-day average. The relative strength index was at 69.44.
One analyst tracking the company maintains 'Buy' on the company, according to Bloomberg data.
Paytm Shares Jump As Loss Narrows Sequentially
Shares of One 97 Communications Ltd. jumped a day after the company reported that, on a quarter on quarter basis, its revenue grew and losses narrowed in December quarter.
RIL Falls After Results
Shares of Reliance Industries Ltd declined in the Saturday session after the company's net profit for the Oct-Dec period declined 0.74%, missing analysts' expectation.
The oil refinery posted Rs17,265 crore net profit in third quarter, against Bloomberg's estimate of Rs 18,080.30 crore net profit for the period.
Sensex, Nifty Open Higher As HDFC Bank, ICICI Bank Gain: Opening Bell
Benchmark indices extended gains from Friday and opened higher on the back of gains in HDFC Bank and ICICI Bank.
At pre-open, the Nifty 50 Index was up 83.75 points or 0.39% at 21,706.15 while the S&P BSE Sensex was at 72,008.30, higher by 325.07 points or 0.45%.
"The overall bias for the index remains fragile despite scaling over the 21656 yesterday, its 20-exponential moving average, as major hurdle floats between 21800-218500 levels," said Avdhut Bagkar, technical and derivatives analyst at StoxBox.
He added, "On the downside, 21550- 21550 zone keeps bolstering the upward bias, and if the index succeeds to overcome 21850, further upside to 22000 cannot be ruled out."
Shares of HDFC Bank Ltd., ICICI Bank Ltd., Infosys Ltd., Axis Bank Ltd., and ITC Ltd., contributed the most to the gains.
Meanwhile, those of Reliance Industries Ltd. and Hindustan Unilever Ltd., capped the upside.
All sectoral indices on the Nifty 50 rose except Nifty FMCG, which fell 0.32%. Nifty Media gained over 1%.
The broader markets outperformed as the BSE MidCap rose 0.70%, while the BSE SmallCap was 0.63% higher. Nineteen out of the 20 sectors compiled by the BSE advanced, while S&P BSE Fast Moving Consumer Goods fell.
The market breadth was skewed in the favour of buyers. As many as 2,063 stocks advanced, 725 declined and 93 remained unchanged on the BSE.
Sensex, Nifty Higher At Pre-Open
At pre-open, the Nifty 50 Index was up 83.75 points or 0.39% at 21,706.15 while the S&P BSE Sensex was at 72,008.30, higher by 325.07 points or 0.45%.
Nuvama On Hindustan Zinc
Maintain Reduce at revised TP of Rs 257
Sees Q3 EBITDA in line with expectations driven by lower cost of production
Trims FY24 EBITDA by 3% factoring in lower zinc prices
Management maintains its silver guidance at 7250-750t in FY24
Expects silver volume of 755t/790t in FY24E/25E
Expects zinc CoP guidance at lower end of USD 1,125–1,175/t in FY24
Sees further reduction in zinc CoP guidance to USD1,000/t over medium term
Brokerages On UltraTech Cement
Citi Research
Maintains "Buy" at target of Rs 11700
Hybrid coal costs to fall 7-8% over next 6 months
Estimate 12% volume CAGR through FY23-26
3rd capacity expansion phase has addition of 21.9mtpa
Capacity CAGR of 10% over FY24-27
To acquire Kesoram’s cement business via shares and debt takeover
Revise FY24/25/26 cons EBITDA estimates by -5%/-1%/+1%
Motilal Oswal
Maintains "Buy" at target of Rs 12000
Management optimistic about demand growth prospects
Expects capacity utilization to improve to 80-85% in Q4 vs 77% in Q3
Demand up in most markets except North region
FY24/25 capex at Rs 9,000 crore on expansion plans
Estimate volume CAGR of 10% over FY23-26
Brokerages On HUL
Emkay
ADD; TP: 2700
Q3 results stood 3% below our and 5% below street’s expectations
Demand slowdown, competitive pressure, distribution stress, rising royalty rates likely to have overhang on valuations
Demand setting unexciting, demand recovery a hope on emergence of tailwinds
Co able to hold margin at 23.3%
HUL was able to hold on to EBITDA margin at 23.3%
Nuvama
BUY; TP: 3105
HUL posted muted Q3FY24 below our / street estimates
Miss on sales, weak revenue due to price cuts to pass on benefit of commodity deflation
Volumes grew 2% YoY, gross margin up 400bps
Cut FY24E/25E EPS by 5%/3%
Systematix
Maintains "hold" at Rs 2825 target
Q3 earnings marginally below muted expectations
Expect revenue/EBITDA/PAT growth of 8.5%/10.8%/12% over FY24-26
Positive on premiumization potential and marketing focus
Weak demand, high competition, no pricing lever remain near-term
headwinds
Higher royalty, A&P, GSK OTC business going away to limit
margin improvement
CITI On Reliance Industries Ltd
Downgrades rating to Neutral from Buy with revised TP of Rs 2,910
Raises FY24-26E EBITDA by 2-5% led by Jio, retail and O2C
Believes stock recent outperformance makes risk/reward more balanced
Sees overall Q3 performance in line with stronger oil & gas offsetting weaker O2C
Sees Jio and retail reporting softer sequential growth
Believes consolidated EBITDA/net income at Rs 407/173bn were overall in-line
Global Cues
U.S. Dollar Index at 103.29 at Friday close
U.S. 10-year bond yield at 4.12% as of Friday
Brent crude down 0.68% at $78.56 per barrel
Nymex crude down 0.90% at $73.41 per barrel
Bitcoin was down 0.29% at $42,515.25
F&O Cues
Nifty January futures up by 0.69% to 21,672.15 at a premium of 49.75 points.
Nifty January futures open interest up by 0.7%.
Nifty Bank January futures down by 0.06% to 45,797.20 at a premium of 96.05 points.
Nifty Bank January futures open interest down by 1.6%.
Nifty Options Jan 25 Expiry: Maximum Call open interest at 22,500 and Maximum Put open interest at 20,500.
Bank Nifty Options Jan 25 Expiry: Maximum Call Open Interest at 50,000 and Maximum Put open interest at 43,000.
Securities in the ban period: Aditya Birla Fashion and Retail, Balrampur Chini Mills, Delta Corp, Hindustan Copper, Indian Energy Exchange, National Aluminium, Oracle Financial Services Software, Polycab India, RBL Bank, SAIL, Zee Entertainment.
Stocks To Watch
Tata Steel: The company will commence statutory consultation as part of its plan to transform and restructure its U.K. business.
HFCL: The company received a purchase order worth of Rs 623 crore from a telecom service provider for the supply of 5G telecom networking equipment.
Zee Entertainment: The company issued a clarification on media reports of Sony's board to take a call on a $10 bn merger with Zee Entertainment on Friday. It said that it is not aware of any board meeting held or proposed to be held by Sony India and added that the company is committed to the merger with Sony.
KPI Green Energy: The company’s unit received an order for a 5.60 MW solar project from a domestic entity.
Hardwyn India: The company's subsidiary Slim-X plans to generate -revenue of Rs 100 crore in the next two years.
One 97 Communication: The company approved joint development pact with ACE Builders for the development of the IT/ITES complex in Noida and approved the incorporation of one or more subsidiaries in GIFT City.
Shilpa Medicare: The company's NDA Product PEMRYDI RTU (Pemetrexed Injection) received product-specific code J* from the U.S. Centers for Medicare & Medicaid Services. PEMRYDI RTU is used as a drug in the treatment of non-small cell lung cancer in combination with other chemotherapy agents.
Star Health and Allied Insurance: N. Chittibab resigned from the position of chief innovation officer and key managerial personnel.
Navkar Corp: The company said that there are no negotiations taking place that require disclosure under the SEBI.
Prataap Snacks: The company issued a clarification that it is not in negotiations with Haldiram's for a stake sale.
Rico Auto Industries: The company unit signed a licensing agreement for the transfer of technology with DRDO.
Fortis Healthcare: The company's unit Agilus Diagnostics received notice from Delhi's anti-corruption bureau in the Mohalla Clinics’ case.
Life Insurance Corp: The company announced the new product launch of LIC’s Jeevan Dhara-II.
Prakash Industries: The company received permission to establish Bhaskarpara commercial coal mine in Chhattisgarh from the Chhattisgarh Environment board.
All Cargo Logistics: The company’s unit incorporated a new wholly owned subsidiary in the name of U.K. Terminals.
Borosil: The company acquired an additional 0.75% stake in Goel Scientific Glass Works at a total consideration of Rs 14.39 lakh. The company’s shareholding in Goel Scientific has increased from 94.73% to 95.48%.
IPO Offerings
EPACK Durable: The public issue was subscribed 0.77 times on day 1. The bids were led by retail investors (1.17 times), non-institutional investors (0.82 times) and institutional investors (0.01 times).
Block Deals
IndusInd Bank: BNP Paribas Arbitrage sold 25.5 lakh shares (0.32%); Goldman Sachs (Singapore) PTE ODI bought 25.5 lakh shares (0.32%) at Rs 1,560 apiece.
Bulk Deals
Liberty Shoes: Societe Generale bought 1.05 lakh shares (0.62%) at Rs 370.78 apiece.
Earnings Post Market Hours
Hindustan Unilever Q3 FY24 (Consolidated, YoY)
Revenue at Rs 15,567 crore vs Rs 15,597 crore, down 0.2% (Bloomberg estimate: Rs 15,642.18 crore).
Ebitda at Rs 3,666 crore vs Rs 3,694 crore, down 0.76% (Bloomberg estimate: Rs 3,734.23 crore).
Margin at 23.54% vs 23.68%, down 13 bps (Bloomberg estimate: 23.90%).
Net profit at Rs 2,508 crore vs Rs 2,481 crore, up 1.08% (Bloomberg estimate: Rs 2,664.50 crore).
Reliance Industries Q3 FY24 (Consolidated, YoY)
Revenue at Rs 2,25,086 crore vs Rs 2,31,886 crore, down 2.98% (Bloomberg estimates Rs 2,33,892.84 crore)
Ebitda at Rs 40,656 crore vs Rs 40,968 crore, down 0.77% (Bloomberg estimates Rs 40,412.86 crore)
Margin at 18.06% vs 17.66% (Bloomberg estimates 17.30%)
Net profit at Rs 17,265 crore vs Rs 17,394 crore, down 0.74% (Bloomberg estimate 18,080.30 crore)
RBL Bank Q3 FY24 (Standalone, YoY)
NII at Rs 1,545.9 crore vs Rs 1,277.3 crore, up 21% (YoY).
Net profit at Rs 233.1 crore vs Rs 208.9 crore, up 11.6% (YoY) (Bloomberg estimate: Rs 315.7 crore).
GNPA at 3.12% vs 3.12% (QoQ).
NNPA at 0.80% vs 0.78% (QoQ).
One 97 Communications Q3 FY24 (Consolidated, QoQ)
Revenue at Rs 2850.5 crore vs Rs 2518.6 crore, up 13.17% (Bloomberg estimate Rs 2,727 crore)
Ebitda loss at Rs 159.5 crore vs loss of Rs 231 crore (Bloomberg estimate Rs -52.57 crore)
Net loss at Rs 221.7 crore vs loss of Rs 291.7 crore. (Bloomberg estimate Rs -254.9 crore)
CreditAcess Grameen Q3 FY24 (Consolidated, YoY)
Revenue at Rs 1,292.2 crore vs Rs 907.9 crore, up 42.32%.
Net profit at Rs 353.43 crore vs Rs 215.76 crore, up 63.8%.
Board approves fundraise of up to Rs 2,000 crore via NCDs in different tranches.
CESC Q3 FY24 (Consolidated, YoY)
Revenue at Rs 3,244 crore vs Rs 3,129 crore, up 3.67%.
Ebitda at Rs 346 crore vs Rs 496 crore, down 30.25%.
Ebitda margin at 10.66% vs 15.85%.
Net profit at Rs 301 crore vs Rs 336 crore, down 10.41%.
Board approves interim dividend of Rs 4.5 per share.
Tejas Networks Q3 FY24 (Consolidated, YoY)
Revenue at Rs 559.96 crore vs Rs 274.55 crore, up 103.95%.
Ebitda loss at Rs 7.51 crore vs profit of Rs 8.01 crore.
Net loss at Rs 44.87 crore vs loss of Rs 15.15 crore.
Earnings In Focus
Indian Renewable Energy Development Agency, ICICI Bank, Kotak Mahindra Bank, Union Bank of India, IDBI Bank, Persistent Systems, JK Cement, Jammu and Kashmir Bank, Can Fin Homes, Waaree Renewable Technologies, Rajratan Global Wire.
Sensex, Nifty To Trade In Special Session
Equity and derivatives markets will have normal working hours from 9:15 a.m. to 3:30 p.m. on Saturday, without the planned disaster recovery movements, according to national bourses.
Indices in the U.S pushed higher on Friday as a drop in Treasury volatility continued to bode well for risk-taking on Wall Street, Bloomberg reported. The S&P 500 index rose to hit its new lifetime closing high of 4,839.81 points driven by a rally in technology stocks.
Other Asian and European indices ended on a mixed note on Friday as investors assessed Japan's inflation data and European Central Bank's commentary.
Japan's headline inflation rate cooled to 2.6% from 2.8% in November while core inflation rate — which strips out prices of fresh food — fell to 2.3% from November’s 2.5%.
European Central Bank president Christine Lagarde signalled that borrowing costs would come down in the summer rather than spring.
Brent crude was trading 0.68% lower at $78.56 a barrel. Gold was higher by 0.30% at $2,029.49 an ounce.
India's benchmark indices snapped a three-day losing streak to end higher on Friday on likely short covering and bargain hunting by investors. However, for both indices, it was the worst week in two months.
The S&P BSE Sensex ended 496.37 points, or 0.70%, higher at 71,683.23, while the NSE Nifty 50 rose 160.15 points, or 0.75%, to end at 21,622.40. The Sensex hit an intraday high of 71,895.64, and the Nifty 50 touched 21,670.60.
Overseas investors remained net sellers of Indian equities for the third consecutive session on Friday. Foreign portfolio investors offloaded equities worth Rs 3,689.7 crore, while domestic institutional investors stayed net buyers for the fourth straight day and mopped up stocks worth Rs 2,638.4 crore, the NSE data showed.
The Indian rupee strengthened 5 paise to close at Rs 83.07 against the U.S. dollar on Friday.