Stock Market Today: Sensex, Nifty Fall For The Third Day As Infosys Continues To Lead IT Stocks Lower
Sensex closed down 159 points or 0.27% at 59,567.80 while Nifty was lower by 41 points or 0.23% at 17,618.75.
KEY HIGHLIGHTS
FPIs Stay Net Seller For The Third Straight Day
Overseas investors in Indian equities remained net sellers for the third day in a row on Wednesday.
Foreign portfolio investors offloaded equities worth Rs 13.2 crore, according to data from the National Stock Exchange. They snapped a 10-day buying streak on Monday.
Domestic institutional investors snapped two day buying streak and sold stocks worth Rs 110.4 crore, the NSE data showed.
Foreign institutions have remained net sellers and have offloaded Rs 46,954.9 crore worth of stocks so far in 2023.
Yield On The 10-Year Bond Flat
The yield on the 10-year bond closed flat at 7.20% on Wednesday.
Source: Bloomberg
Indian Rupee Weakens Against U.S. Dollar
The local currency depreciated 19 paise to close at 82.23 against the greenback on Wednesday.
The rupee closed at 82.04 on Tuesday.
Source: Bloomberg
Sensex, Nifty Fall For The Third Straight Day
Indian equity benchmarks changed little as they continued to retreat for the third consecutive session on Wednesday. I.T., media and PSU banking stocks declined the most in trade.
Europe markets along with U.S. equity futures retreated in trade. The Stoxx Europe 600 index slipped about 0.4%, with the technology sector leading the decline. ASML Holding NV dropped more than 3% after the Dutch chip maker’s earnings report raised concerns about the demand outlook. Investors will be monitoring price data from the euro area that will determine European Central Bank’s monetary policy path.
Contracts on the rates-sensitive Nasdaq 100 fell about 0.7%, while those on the S&P 500 were down 0.5% ahead of the next batch of earnings reports by US banks.
The S&P BSE Sensex Index closed down 159 points or 0.27% at 59,567.80 while the NSE Nifty 50 Index was lower by 41 points or 0.23% at 17,618.75.
IndusInd Bank Ltd., Hindustan Unilever Ltd., Maruti Suzuki India Ltd., Tata Consultancy Services Ltd., and HCL Technologies Ltd. were negatively contributing to the change in the Nifty 50 Index.
Whereas, Housing Development Finance Corp Ltd., Axis Bank Ltd., HDFC Bank Ltd., JSW Steel Ltd., and Reliance Industries Ltd. were positively adding to the change.
Adani Group company stocks ended mixed, with Adani Wilmar Ltd. and Adani Enterprises Ltd. rising and all the other group stocks declining in trade.
The broader market indices ended mixed; S&P BSE MidCap Index was down by 0.18%, whereas S&P BSE SmallCap Index was lower by 0.12%.
Fourteen out of the 20 sectors compiled by BSE declined, with S&P BSE Information Technology, S&P BSE Power, S&P BSE Teck falling the most.
The market breadth was spilt between buyers and sellers. About 1,818 stocks rose 1,694 declined, and 122 remained unchanged on the BSE.
Patel Engineering Gains Over 19% After Large Trades
Shares of Patel Engineering Ltd. rose the most in over18 months following large trade.
At least 36.5 lakh shares, or 0.5% of equity shares, changed hands in two large trades, according to Bloomberg.
Shares of Patel Engineering Ltd. rose 16.83% to Rs 17.7 apiece as of 2:37 p.m., compared to a 0.29% decline in the benchmark NSE Nifty 50. The stock gained as much as 19.80% intraday, the most in over 18 months or one and a half year since Oct. 5, 2021.
The total traded volume so far in the day stood at 8.7 times its 30-day average. The relative strength index was at 71, implying that the stock maybe overbought.
Source: Bloomberg
