Stock Market Today: Sensex, Nifty Break Longest Winning Streak In 30 Months On IT Slump
Sensex closed down 520 points or 0.86% at 59,910.75 while the Nifty was lower by 121 points or 0.68% at 17,706.85.
KEY HIGHLIGHTS
FPIs Snap Ten-Day Buying Streak To Turn Net Sellers
Foreign investors in Indian equities turned net sellers on Monday, after a ten-day buying spree.
Foreign portfolio investors offloaded equities worth Rs 533.20 crore, according to data from the National Stock Exchange.
Domestic institutional investors turned net buyers, snapping three day selling streak and mopped up stocks worth Rs 269.65 crore.
Foreign institutions have remained net sellers and offloaded Rs 46,131.11 crore worth of stocks so far in 2023.
Yield On The 10-Year Rises
The yield on the 10-year bond closed 2 bps higher at 7.23% on Monday. It closed at 7.21% on Thursday.
Source: Bloomberg
Rupee Weakens Against The U.S. Dollar
The local currency depreciated about 11 paise to close at 81.97 against the greenback on Monday.
The rupee closed at 81.86 on Thursday.
Source: Bloomberg
Sensex, Nifty Snap Nine Days Of Gain
Indian equity benchmarks declined on Monday, following the weak Q4 results from the I.T. bellwether, Infosys Ltd., which fell the most in 3.5 years intraday. The indices snapped nine sessions of advances, breaking the longest gaining streak in 30 months as the S&P BSE Sensex Index slipped below 60,000 level, whereas, NSE Nifty 50 ended below 17,800 mark.
European markets posted modest gains along with U.S. share futures at the start of the week with more earnings to provide a barometer of corporate health and the threat of recession.
The Stoxx Europe 600 was trading higher with miners and energy companies outperforming. S&P 500 futures rose around 0.2% while contracts for the Nasdaq 100 were marginally higher. Shares in Hong Kong and Shanghai rose before data Tuesday that’s projected to show China’s economic reopening gaining momentum.
Meanwhile in India, information technology stocks plunged as much as 6.5%, intraday after software firm Infosys Ltd. slumped the most in over three years on weak growth guidance in early trade.
The S&P BSE Sensex Index closed down 520 points or 0.86% at 59,910.75 while the NSE Nifty 50 Index was lower by 121 points or 0.68% at 17,706.85.
HDFC Bank Ltd., Infosys Ltd., Larsen & Toubro Ltd., Tata Consultancy Services Ltd., Housing Development Finance Corp Ltd., Maruti Suzuki India Ltd., JSW Steel Ltd., Tech Mahindra Ltd., HCL Technologies Ltd., Bharti Airtel Ltd., and Reliance Industries Ltd. were negatively contributing to the change in the Nifty 50 Index.
Whereas, Kotak Mahindra Bank Ltd., Power Grid Corp of India Ltd., IndusInd Bank Ltd., State Bank of India, and Nestle India Ltd. were positively adding to the change.
Most Adani Group company stocks advanced in trade. However, Ambuja Cements Ltd., Adani Wilmar Ltd. and NDTV Ltd. declined in trade.
The broader market indices ended higher; S&P BSE MidCap Index was up by 0.56%, whereas S&P BSE SmallCap Index was higher by 0.13%.
Six out of the 19 sectors compiled by BSE declined, while the other 13 sectors advanced in trade.
The market breadth was split between the buyers and the sellers. About 1,856 stocks rose 1,731 declined, and 181 remained unchanged on the BSE.
