Stock Market Today: Sensex, Nifty Reverse Losses To End Higher; ITC, ICICI Bank, Reliance Lead Gains
The S&P BSE Sensex closed up 124 points or 0.21% at 60,346.09 while the NSE Nifty 50 was 43 points or 0.24% higher at 17,754.40.
![A man stands in front of an electronic ticker board showing stock information figures outside the Bombay Stock Exchange (BSE) in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)](https://media.assettype.com/bloombergquint%2F2019-06%2Feb7600fb-e0ec-47f6-bfae-009941cae449%2F323324904_1_5__3_.jpg?rect=0%2C0%2C4000%2C2250&auto=format%2Ccompress&w=200)
KEY HIGHLIGHTS
FPIs Remain Net Buyers For The Fourth Straight Day
Overseas investors in Indian equities remained net buyers for the fourth day in a row on Wednesday.
Foreign portfolio investors mopped up equities worth Rs 3,671.5 crore, according to data from the National Stock Exchange.
Domestic institutional investors snapped ninth-day buying streak and turned sellers. They sold stocks worth Rs 937.8 crore.
Foreign institutions have remained net sellers and offloaded Rs 35,570.23 crore worth of Indian stocks so far in 2023.
Yield On The 10-Year Rises
The yield on the 10-year bond closed 3 bps higher at 7.43% on Wednesday. It closed at 7.40% on Monday.
Source: Bloomberg
Rupee Weakens Against The U.S. Dollar
The local currency weakens by 14 paise to 82.05 at close against the greenback on Wednesday. It closed at 81.92 on Monday.
Source: Bloomberg
Sensex, Nifty Reverse Losses To End Higher
Indian equity benchmarks reversed losses to end higher in trade on Wednesday after the global equities declined trigged by hawkish speech from the U.S. Federal Reserve Chairman, Jerome Powell.
The S&P BSE Sensex re-scaled the 60,000 level after falling below the mark at the opening bell on Wednesday. The index had risen to these levels after nine trading sessions on Monday.
Global stock markets struggled on Wednesday, after comments from Federal Reserve Chair Jerome Powell boosted interest rate wagers, drove up treasury bond yields and revived fears that the world’s largest economy will not be able to dodge a recession.
U.S. equity futures traded flat, after the underlying S&P 500 and Nasdaq indexes posted their biggest losses in two weeks on Tuesday.
During a Senate testimony, the Federal Reserve’s chief signaled officials are ready to speed up the pace of tightening and take rates to higher levels should inflation keep running hot.
The S&P BSE Sensex closed up 124 points or 0.21% at 60,346.09 while the NSE Nifty 50 was 43 points or 0.24% higher at 17,754.40.
ITC Ltd., Larsen and Toubro Ltd., IndusInd Bank Ltd., ICICI Bank Ltd., and Reliance Industries Ltd. were positively contributing to the index NSE Nifty 50.
Whereas, Infosys Ltd., Bajaj Finance Ltd., Kotak Mahindra Bank Ltd., Hindalco Industries Ltd., and Sun Pharmaceutical Industries Ltd., were dragging the index.
Shares of all Adani Group companies ended with gains.
The Adani Group said its promoters have prepaid debt worth of Rs 7,374 crore, or $902 million, backed by shares of four group companies, ahead of its latest maturity in April 2025.
Also, National Stock Exchange has moved Adani Enterprises Ltd. out of the short-term additional surveillance measure.
The broader market indices were trading marginally higher; S&P BSE MidCap was up 0.61% whereas S&P BSE SmallCap was higher by 0.28%.
Thirteen out of 20 sectors compiled by BSE advanced while seven declined in trade.
The market breadth was in the favour of the buyers. About 1,954 stocks rose, 1,517 declined, and 125 remained unchanged on the BSE.
ITC Shares Close At Lifetime High
Shares of Indian conglomerate ITC climbed to close at an all time high on Wednesday.
The scrip rose 1.09% to close at 392.45 per share. Intraday, it gained 1.29% to Rs 393.15.
Of the 37 analysts tracking the stock, 35 maintained 'buy' and two analysts recommended 'hold'. The return potential is 10% over the next 12 months.
The share price had climbed to all time high of Rs 394 on an intraday basis on Feb.23, 2023. This demonstrates that the investors may be starting to focus on stability in a market churning with concerns over corporate governance, according to Bloomberg.
It’s the best-performing stock in the NSE Nifty 50 Index with a 18.35% gain year-to-date, compared with 1.94% decline in benchmark Nifty 50.
Bloomberg reported that ITC has one of the highest dividend yields and returns-on-equity among Nifty members. It also ranks top in a Bloomberg Economics analysis of governance, liquidity and leverage at Indian conglomerates.
Source: Bloomberg
Arvind Shares Rise After A Large Trade
Shares of Arvind Ltd. rose 1.30% to Rs 85.6 apiece in trade on Wednesday after 11 lakh shares changed hands in a bunch trade. The stock gained as much as 1.72% intraday.
The relative strength index was at 57.1. Six analysts tracking the company maintain a 'buy' rating on the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 57.1% over the next 12 months.
Source: Bloomberg
Manappuram Finance Up As 11.5 Lakh Shares Change Hands
Shares of Manappuram Finance Ltd. rose 2.08% to Rs 112.7 apiece in trade on Wednesday after 11.5 lakh shares changed hands in a bunch trade. The stock gained as much as 2.22% intraday.
Total traded volume stood at 1.5 times its 30-day average. The relative strength index was at 57.4.
Out of the 19 analysts tracking the company, 17 maintain a 'buy' rating, one recommends a 'hold' and one suggests to 'sell' the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 29.8% over the next 12 months.
Source: Bloomberg
European Markets Trade Lower
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L&T Gains On Securing Order From Ministry Of Defence
Shares of Larsen and Toubro Ltd. rose 1.04% to Rs 2,163.45 apiece in trade on Wednesday. The stock gained as much as 2.26% intraday, the most in over two weeks since Feb. 17.
Ministry of Defence signed a contract with Larsen & Toubro for three cadet training ships . The ships will be indigenously designed, developed and constructed at Larsen & Toubro shipyard in Kattupalli, Chennai.
Project is expected generate an employment of 22.5 lakh man-days over a period of four-and-half years.
Total traded volume stood at 48.8 times its 30-day average. The relative strength index was at 51.8.
Out of the 45 analysts tracking the company, 44 maintain a 'buy' rating and one suggests to 'sell' the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 12.3% over the next 12 months.
Source: Bloomberg, Exchange filing
Hindustan Aeronautics Up After Inking Pact With Ministry Of Defence
Shares of Hindustan Aeronautics gained on Wednesday following an order win from Ministry Of Defence.
Hindustan Aeronautics signed contracts for the procurement of 70 HTT-40 basic trainer aircraft, in New Delhi.
According to an exchange filing, the Union Cabinet has approved the procurement of these trainer aircraft from HAL at a cost of Rs 6,800 crore on March 1, 2023. The aircraft will be supplied over a period of six years.
The scrip was trading 5.6% higher at Rs 2,862.5, compared to 0.19% decline in benchmark Nifty 50. Total traded quantity so far in the day was 3.8 times the 30-day average.
The relative strength index stood at 73, indicated that the stock may be overbought.
Of the 10 analysts tracking the stock, nine maintained 'buy', while one analyst recommended 'sell'. The return potential of the stock implied an upside of 11.5% over the next 12 months.
Source: Bloomberg, Exchange filing
Natco Pharma Board Approves Buyback
Natco Pharma board approves buyback of Rs 700 per share amounting to Rs 210 crore.
About 30 lakh shares or 1.64% of the total number of paid-up equity shares will be bought back by the company.
Buyback will be conducted via an open market route.
Source: Exchange filing
Sensex, Nifty Trade Marginally Lower: Midday Market Update
Indian equity benchmarks declined following a drop in global equities triggered by hawkish speech from the U.S. Federal Reserve Chairman, Jerome Powell.
The S&P BSE Sensex re-scaled 60,000 points after falling below the same level at open on Wednesday. The index rose to these levels after nine trading sessions on Monday.
Asian markets tumbled, while the treasury yields pushed higher and the dollar extended gains in trade. On Tuesday, all the major U.S. benchmarks slid more than 1%, with the S&P 500 Index falling the most in two weeks.
During a Senate testimony, the Federal Reserve’s chief signaled officials are ready to speed up the pace of tightening and take rates to higher levels should inflation keep running hot.
As of 12:27 p.m., the S&P BSE Sensex was down 205 points or 0.34% at 60,019.74 while the NSE Nifty 50 was 57 points or 0.32% lower at 17,654.10.
Adani Enterprises Ltd., IT Ltd., Hindustan Unilever Ltd. were positively contributing to the index NSE Nifty 50.
Whereas, Infosys Ltd., Bajaj Finance Ltd., Kotak Mahindra Bank Ltd., ICICI Bank Ltd., Sun Pharmaceutical Industries Ltd., were dragging the index.
Shares of all Adani Group companies were mixed in early trade, however the stocks pared losses and advanced as the benchmarks were trading flat.
The Adani Group said its promoters have prepaid debt worth of Rs 7,374 crore, or $902 million, backed by shares of four group companies, ahead of its latest maturity in April 2025.
Also, National Stock Exchange has moved Adani Enterprises Ltd. out of the short-term additional surveillance measure.
The broader market indices were trading marginally higher; S&P BSE MidCap was up 0.03% whereas S&P BSE SmallCap was higher by 0.10%.
Ten out of 20 sectors compiled by BSE declined while the other ten advanced in trade.
The market breadth was split in between buyers and sellers. About 1,645 stocks rose, 1,663 declined, and 129 remained unchanged on the BSE.
Kirloskar Oil Engines Hits 52-Week High As 13% Equity Changes Hands In Block Trades
Kirloskar Oil Engines Ltd. advanced in trade and hit 52-week high on Wednesday after 13% equity or 188.5 lakh shares changed hands in nine block trades. As per NSE, the total value of the deal was Rs 825.06 crore.
Shares of Kirloskar Oil Engines Ltd. rose 16.26% to Rs 377.9 apiece in trade on Wednesday. The stock gained as much as 18.23% intraday, the most in 52-weeks to Rs 384.3.
Total traded volume stood at 48.8 times its 30-day average. The relative strength index was at 74, implying that the stock must be overbought.
Three analysts tracking the company maintain a 'buy' rating on the stock. The return potential as calculated by the consensus of analyst estimates, stand at an upside of 13% over the next 12 months.
Source: Bloomberg, Exchanges
Sugar Stocks Gain On The Possibility Of Higher Exports
Shares of sugar manufacturing companies advanced in trade on Wednesday after a senior food ministry official told PTI that India can export an additional one million tonnes of the sweetener if the domestic output reaches an estimated 33.6 million tonnes this year.
As per PTI, the government will take a call next month on allowing more quantities of sugar exports, after assessing domestic production.
Sugar availability is comfortable in the country and as a result wholesale and retail prices of the sweetener are on a decline in the last one month. The food ministry has allowed six million tonnes of sugar exports for the current marketing year. India exported a record 11 million tonnes of sugar in the previous year, as pe PTI.
Source: Bloomberg, PTI
Adani Group Company Stocks Advance In Trade
The Adani Group said its promoters have prepaid debt worth of Rs 7,374 crore, or $902 million, backed by shares of four group companies, ahead of its latest maturity in April 2025.
A total of 23.3 crore shares will be released as part of the latest prepayment, the apples-to-airports conglomerate said on Tuesday. The prepayment will be against financing from "various international banks and Indian financial institutions".
Also, National Stock Exchange has moved Adani Enterprises Ltd. out of the short-term additional surveillance measure.
The exchange had put the stock under short-term ASM along with Adani Ports & SEZ Ltd. and Ambuja Cements Ltd. on Feb. 6, amid extreme volatility following the Hindenburg Research report.
Adani Ports and Ambuja Cements were removed from short-term additional surveillance measure framework on Feb. 13.
Shares of all Adani Group companies were mixed in early trade, however the stocks pared losses and advanced as the benchmarks were trading flat.
Source: Bloomberg, Exchange filing
GAIL Up As Board To Meet On March 13 To Consider Interim Dividend
Shares of GAIL Ltd. rose 2.80% to Rs 112.1 apiece in trade on Wednesday. The board of the company will meet on March 13 to consider and approve interim dividend for the current fiscal.
The stock gained as much as 3.44% intraday. Total traded volume stood at three times its 30-day average. The relative strength index was at 80.67, implying that the stock must be overbought.
Out of the 33 analysts tracking the company, 26 maintain a 'buy' rating, five recommend a 'hold' and two suggest to 'sell' the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 1.8% over the next 12 months.
Source: Bloomberg, Exchange filing
Allcargo Up As It Acquires 38.87% Stake In Contract Logistics Business Arm
Shares of Allcargo Logistics Ltd. rose 1.16% to Rs 378.7 apiece in trade on Wednesday.
The company announced in an exchange filing that it will acquire 38.87% stake from partners in the contract logistics business at an enterprise value of Rs 373 crore. With the acquisition, the company will take its stake to 100% in the contract logistics business.
Allcargo's contract logistics business is engaged in managing inventories and providing third-party supply chain solutions to marquee Indian and international customers across chemical, auto, e-commerce and other industries.
The stock gained as much as 2.84% intraday. The relative strength index was at 48.7.
Out of the five analysts tracking the company, four maintain a 'buy' rating and one suggests to 'sell' the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 24% over the next 12 months.
Source: Bloomberg, Exchange filing
Ajanta Pharma To Consider Buyback On March 10
Shares of Ajanta Pharma Ltd. rose 2.46% to Rs 1,197.95 apiece in trade on Wednesday.
The board will consider a proposal for buyback of the equity shares of the company on March 10. The trading window for dealing in securities of the company shall remain closed up to 48 hours after the conclusion of the board meeting.
The stock gained as much as 3.83% intraday, rising the most in over 15 weeks since Nov. 22, 2022. Total traded volume stood at 16.1 times its 30-day average. The relative strength index was at 52.6.
Out of the 15 analysts tracking the company, 12 maintain a 'buy' rating and three recommend to 'hold' the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 21% over the next 12 months.
Source: Bloomberg, Exchange filing
Zee Shares Rise As Operational Creditor Withdraws Insolvency Petition After Settlement
Shares of Zee Entertainment Enterprises Ltd. rose 0.59% to Rs 196.55 apiece in trade on Wednesday.
The company entered a settlement agreement with operational creditor Indian Performing Rights Society to settle all claims and disputes. Subsequently, IPRS has withdrawn its insolvency petition against the company.
The stock gained as much as 3.21% intraday, rising the most since March 3. Total traded volume stood at 2.5 times its 30-day average. The relative strength index was at 38.
Out of the 24 analysts tracking the company, 21 maintain a 'buy' rating, two recommend a 'hold' and one suggests to 'sell' the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 42.8% over the next 12 months.
Source: Bloomberg, Exchange filing
Broader Markets Decline Marginally
The broader market indices were traded lower; S&P BSE MidCap was down 0.15% whereas S&P BSE SmallCap was lower by 0.17%.
Thirteen out of 19 sectors compiled by BSE declined while seven advanced in trade.
The market breadth was tilted in the favour of sellers. About 1,267 stocks rose, 1,452 declined, and 155 remained unchanged on the BSE.
Source: BSE
Top Loses On The Nifty 50 Index
Adani Enterprises Ltd., Britannia Industries Ltd., Bajaj Auto Ltd., NTPC Ltd., and Larsen and Toubro Ltd. were the top gainers in the gauge.
Whereas, Kotak Mahindra Bank Ltd., Wipro Ltd., Titan Co., Sun Pharmaceutical Industries Ltd., Hero MotoCorp Ltd., HCL Technologies Ltd., Tech Mahindra Ltd., Infosys Ltd., Bajaj Finserv Ltd., Hindalco Industries Ltd. were the top losers amongst the NSE Nifty 50 constituents.
Adani Group Company Stocks Mixed
The Adani Group said its promoters have prepaid debt worth of Rs 7,374 crore, or $902 million, backed by shares of four group companies, ahead of its latest maturity in April 2025.
A total of 23.3 crore shares will be released as part of the latest prepayment, the apples-to-airports conglomerate said on Tuesday. The prepayment will be against financing from "various international banks and Indian financial institutions".
Also, National Stock Exchange has moved Adani Enterprises Ltd. out of the short-term additional surveillance measure.
The exchange had put the stock under short-term ASM along with Adani Ports & SEZ Ltd. and Ambuja Cements Ltd. on Feb. 6, amid extreme volatility following the Hindenburg Research report.
Adani Ports and Ambuja Cements were removed from short-term additional surveillance measure framework on Feb. 13.
Shares of all Adani Group companies were mixed in trade on Wednesday as the benchmarks declined in trade.
Source: Bloomberg, Exchange filing
Sensex, Nifty Decline At The Opening Bell
Indian equity benchmarks retreated at the opening bell following a decline in the global equities trigged by hawkish speech from the U.S. Federal Reserve Chairman, Jerome Powell.
The S&P BSE Sensex fell below 60,000 points again on Wednesday after rising in nine trading sessions on Monday.
Asian markets declined on Wednesday after hawkish rhetoric from Jerome Powell rattled risk sentiment in the U.S. and drove the dollar higher against all of its major peers.
All major U.S. benchmarks slid more than 1%, with the S&P 500 Index falling the most in two weeks.
During a Senate testimony, the Federal Reserve’s chief signaled officials are ready to speed up the pace of tightening and take rates to higher levels should inflation keep running hot.
At pre-open, the S&P BSE Sensex opened down 309 points or 0.51% at 59,915.79 while the NSE Nifty 50 was 46 points or 0.26% lower at 17,665.76.
Sensex, Nifty Decline At Pre-Open
The S&P BSE Sensex opened down 309 points or 0.51% at 59,915.79 while the NSE Nifty 50 was 46 points or 0.26% lower at 17,665.76.
Source: Bloomberg
Yield On The 10-Year Bond Rises
The yield on the 10-year bond opened 3 bps higher at 7.44% on Wednesday. It closed at 7.41% on Monday.
Source: Bloomberg
Rupee Weakens Against The U.S. Dollar
The local currency weakened by 32 paise to 82.24 at open against the greenback on Wednesday. It closed at 81.92 on Monday.
Source: Bloomberg
L&T Bags Order For Three Cadet Training Ships
Ministry of Defence signed a contract with Larsen & Toubro for three cadet training ships .
The ships will be indigenously designed, developed and constructed at Larsen & Toubro shipyard in Kattupalli, Chennai.
Project is expected generate an employment of 22.5 lakh man-days over a period of four-and-half years.
Source: Exchange filing
Hindustan Aeronautics Bags Contract To Supply 70 HTT-40 Basic Trainer Aircraft
Hindustan Aeronautics Ltd. bags contract worth Rs 6,800 crore for the supply of 70 HTT-40 basic trainer aircraft for the Indian Air Force.
The HTT-40 is a turbo prop aircraft possessing good low speed handling qualities and provides better training effectiveness.
The aircraft will be supplied over a period of six years.
Source: Exchange filing
Is The Time For Correction Over? Morgan Stanley Views
According to a note by Morgan Stanley, India's absolute returns have stagnated since Oct. 21, 2022 and relative returns have fallen since the end of Oct. 22, 2022. A positive case seems to be building even as this remains a stock pickers' market.
Brokerage says that rising short rates, rich absolute valuations, worsening global liquidity and offsetting institutional flows have probably capped stock indices. With each of these now showing signs of turning, it is quite possible that we exit the time correction in the coming weeks.
Secorally, Morgan Stanley maintain an "overweight" rating on financials, technology, consumer discretionary and industrials. It is "underweight" on all the other sectors.
Source: Morgan Stanley Note
Oil & Gas Building On Some Strength: Trade Setup
Global Cues
U.S. Dollar Index at 105.6
U.S. 10-year bond yield at 3.99%
Brent crude up 0.05% to $83.33 per barrel
Nymex crude at $77.53 per barrel
SGX Nifty down 0.70% at 17,717.5 as of 8:18 a.m.
Bitcoin up 0.44% to $22,152.75
Pledged Share Details
Asahi India Glass: Promoter and director Sanjay Labroo created a pledge of 1 lakh shares on Feb. 28.
Trading Tweaks
Price Band Revised From 5% To 20%: NMDC Steel
Price Band Revised From 20% To 10%: Macrotech Developers
Ex-Date Right Issue of Equity Shares: Gokul Agro Resources
Record Date Right Issue of Equity Shares: Gokul Agro Resources
Ex-Date Interim Dividend: Marico
Record Date Interim Dividend: Marico
Move Into Short-Term ASM Framework: Macrotech Developers, Imagicaaworld Entertainment
Move Out of Short-Term ASM Framework: Adani Enterprises
Block Deals
Bajaj Finserv: Jamnalal Sons bought 4.35 lakh shares (0.05%), Rajivnayan Bajaj sold 4.35 lakh shares (0.05%) at Rs 1,390 apiece.
Jindal Saw: Virtuous Tradecorp bought 35 lakh shares (1.09%), Abhyuday Jindal sold 35 lakh shares (1.09%) at Rs 154.5 apiece.
Stocks To Watch: Adani, Zee, Allcargo, GAIL, RBL Bank, Coffee Day
Zydus Lifesciences: Receives final approval from the U.S. FDA for
Lenalidomide Capsules, 2.5 mg and 20 mg.
RBL Bank: The bank elevated Deepak Ruiya to the position of deputy chief financial officer, with effect from March 6. He will be responsible for all the functions as are executed by a CFO till an appointment is made to the office.
Allcargo Logistics: The company will acquire 38.87% stake from partners in the contract logistics business at an enterprise value of Rs 373 crore. With the acquisition, the company will take its stake to 100% in the contract logistics business.
GAIL (India): The board of the company will meet on March 13 to consider and approve interim dividend for the current fiscal.
Ajanta Pharma: The board will consider a proposal for buyback of the equity shares of the company on March 10. The trading window for dealing in securities of the company shall remain closed up to 48 hours after the conclusion of the board meeting.
NMDC: The company appointed Vishwanath Suresh, Executive Director, Steel Authority of India Ltd., as Director (Commercial).
Zee Entertainment Enterprises: The company entered a settlement agreement with operational creditor Indian Performing Rights Society to settle all claims and disputes. Subsequently, IPRS has withdrawn its insolvency petition against the company.
Coffee Day Enterprises: The Securities Appellate Tribunal stayed a SEBI penalty of Rs 26 crore against the company in a case of alleged fund diversion from seven subsidiaries to an entity related to the promoters.
KPI Green Energy: The company signed a 20-year hybrid power purchase agreement for 1.85 MW capacity with Garrison Engineer, Military Engineer Services, Air Force Station, Jamnagar under independent power producer segment.
LTIMindtree: The company opened a new delivery centre in Krakow, Poland, expanding its presence in Eastern Europe.
NTPC: The company saw 11.92% growth in electricity generation at 364.2 billion units between April 2022 and February 2023, compared to the country’s generation growth of 9.56%, Ministry of Power said. Its captive coal production in February stood at 2.6 million metric tonnes and the despatch during the month stood at 2.5 MMT, marking a robust growth of 80% and 87% respectively.
NBCC (India): The company received work orders for three projects, cumulatively valued at Rs 541.02 crore. It also received the letter of award for construction of residential accommodation at Institute of Liver and Biliary Sciences, New Delhi for a contract value of Rs 90 crore.
Wipro: The company announced opening of its Americas Headquarters in East Brunswick, New Jersey.
PVR: The company opened a 11-screen multiplex in Phoenix Marketcity, Chennai.
SGX Nifty Signals Lower Open For Benchmarks
Asian markets fell on Wednesday after hawkish rhetoric from Jerome Powell rattled risk sentiment in the U.S. and drove the dollar higher against all of its major peers.
All major U.S. benchmarks slid more than 1%, with the S&P 500 Index falling the most in two weeks.
During a testimony to the Senate, the Federal Reserve’s chief signalled officials are ready to speed up the pace of tightening and take rates to higher levels should inflation keep running hot.
That pushed the yield on a 10-year Treasury note to 3.99%. Crude prices were trading around the $83 mark, while Bitcoin was trading below the $22,500 level.
At 8:18 a.m., the Singapore-traded SGX Nifty, an early indicator of India's benchmark Nifty 50, was down 0.76% at 17,717.5.
At the start of the week, both Indian benchmark indices—the Sensex and Nifty—closed almost 0.7% higher, led by advances in I.T., and oil and gas stocks.
The rupee strengthened against the U.S. dollar for the second day in a row on the back of a rise in domestic equities and foreign fund inflows.
Overseas investors in Indian equities remained net buyers for the third day in a row on Monday. Foreign portfolio investors bought equities worth Rs 721.4 crore, while the domestic institutional investors were also net buyers for the ninth straight day and mopped up stocks worth Rs 757.2 crore.
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