Stock market ended on a flat note amid volatility, Sensex, Nifty ends in red dragged by losses in HDFC twins, Induslnd Bank.
Ira Singh
5 May’23
The Indian equity market indices ended on a flat note amid high volatility swings either ways in the truncated trading week.
On a weekly basis, the Nifty clocked tiny gain while the Sensex declined.
However, broader markets managed to outperform the frontline indices.
Ar close,equity benchmarks ended a volatile note with major losses on Friday,Sensex closed 694.96 points, or 1.13 percent, down at 61,054.29 and the Nifty sank 1.02 percent, or 186.80 points, to 18,069.
Despite the negative global trend, domestic shares managed to advance,driven by strong Q4 earnings and favorable macroeconomic indicators,on Tuesday.The Indian shares fell on Friday,dragged by index heavyweights HDFC twins and IndusInd Bank amid weak global cues.
Markets came under pressure after the European Central Bank hiked rates and as fears over the US banking sector worsened with the collapse of PacWest Bancorp,according to sources.
For the week, the Sensex achieved its eighth consecutive session gains on Tuesday Meanwhile, Nifty extended its winning streak for six sessions, according to reliable sources.
On Friday,Heavyweight HDFC twins were the biggest casualties of the day, tumbling nearly 6 percent each amid reports that the merger of the two may result in an outflow of $150-$200 million following MSCI changes, according to sources.
Stocks and Sectors
Titan was the biggest gainer – rising 2.31 percent – followed by Maruti Suzuki, UltraTech Cement and Nestle India,on Nifty. Apart from HDFC twins, IndusInd Bank, Hindalco Industries and Tata Steel were major losers, according to sources.
On sectoral front,most indices ended lower. Nifty Bank and Nifty Financial Services lost more than 2 percent each. Nifty Media and Nifty Metal fell over a percent as well. Nifty FMCG was the only gainer.
Nifty Smallcap 100 closed down by 0.82 percent while Nifty Midcap slipped 0.7 percent, according to sources.
On 5th May’23, the rupee gains 2 paise to close at 81.78 against US dollar, according to estimates.
Experts take:
Market experts have recommended six buy or sell stocks for Friday — Reliance, Cipla, TCS, CAMS, JK Tyre and Delta Corp.
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