Stock Market Today: Sensex, Nifty Log Gains As ICICI, Axis Bank Lead; FPIs Turn Net Buyers
Sensex closed up 556 points, or 0.86%, at 65,387.16, while Nifty was 182 points, or 0.94%, higher at 19,435.30.
KEY HIGHLIGHTS
FPIs Turn Net Buyers
Overseas investors turned net buyers of Indian equities on Friday, after two sessions of selling.
Foreign portfolio investors bought stocks worth Rs 487.94 crore, according to provisional data from the National Stock Exchange.
Domestic institutional investors remained net buyers and mopped up equities worth Rs 2,294.93 crore, the NSE data showed.
Foreign institutions have been net buyers of Rs 1,36,546 crore worth of Indian equities so far in 2023, according to data from the National Securities Depository Ltd., updated till the previous trading day.
Yield On The 10-Year Bond Ends Flat
The yield on the 10-year bond closed at 7.17% on Friday.
Source: Bloomberg
Rupee Strengthens Against The U.S. Dollar
The local currency strengthened 7 paise to close at Rs 82.72 against the U.S dollar on Friday.
It closed at 82.79 on Thursday.
Source: Bloomberg
Sensex, Nifty Snap Five-Week Losing Streak Led By Realty, Metal Stocks: Market Wrap
India's benchmark stock indices opened higher and steadily advanced on Friday after snapping three days of gains on Thursday. The indices advanced after snapping five weeks of losses.
Sensex ended Friday above 65,300 level, whereas Nifty surpassed 19,400 mark. Intraday, Sensex jumped 0.99%, the most since July 13 and Nifty rose 1.06%, the most since June 30.
Metals, energy, automotive and banking sectors rose in trade, whereas healthcare and pharmaceutical shares were under little pressure.
The S&P BSE Sensex closed up 556 points, or 0.86%, at 65,387.16, while the NSE Nifty 50 was 182 points, or 0.94%, higher at 19,435.30.
European stocks and American equity-index futures edged higher. Energy majors were among the gainers in the Stoxx Europe 600 index as crude oil headed for the biggest weekly advance since April. Miners outperformed as China’s latest stimulus measures boosted prices of some industrial metals.
Mainland China shares traded higher and metals looked set to extend this week’s advances. Hong Kong’s market is shut on what may be the strongest storm to hit the city in at least five years.
Japan’s Topix index posted its eighth consecutive month of increase in August — the longest winning streak since 2013 — and the gauge was now set for the best weekly advance since October.
ICICI Bank Ltd., NTPC Ltd., Axis Bank Ltd., Maruti Suzuki India Ltd., and Bajaj Finance Ltd. were positively adding to the change in the Nifty 50 Index.
Whereas, Cipla Ltd., UltraTech Cement Ltd., HDFC Life Insurance Co., Dr Reddy's Laboratories Ltd., and Sun Pharmaceutical Industries Ltd. were negatively contributing to the change.
The broader market indices ended higher; the S&P BSE MidCap Index was up 0.75%, whereas S&P BSE SmallCap Index was also 0.75% higher.
Nineteen out of the 20 sectors compiled by BSE advanced, while S&P BSE Healthcare declined. S&P BSE Utilities, S&P BSE Metal, and S&P BSE Telecommunication rose the most.
The market breadth was skewed in the favour of the buyers. About 2,177 stocks rose, 1,487 declined, while 122 remained unchanged on the BSE.
On a weekly basis, the headline indices snapped five weeks on fall. The S&P BSE Sensex rose 0.77% and NSE Nifty 50 was higher by 0.88%, this week.
Last week, indices declined for the fifth time in a row, the longest streak of weeekly losses since April 2022. The S&P BSE Sensex had fell 0.10% and NSE Nifty 50 was lower by 0.23%, as well.
Only Nifty Pharma and Nifty FMCG sectors declined this week, Nifty Realty and Nifty Metal, on the other hand, were the top gainers.
Coal India August Production Increases 13.2% YoY
August production at 52.3 million tons, up 13.2% YoY.
August sales at 59 million tons, up 15.3% YoY.
Source: Exchange Filing
