Stock Market Highlights: Sensex gains 710 points, Nifty closes above 17260 points; Auto, Fin Nifty up 1%,PSU Bank Falls

Stock Market Highlights: Sensex gains 710 points, Nifty closes above 17260 points; Auto, Fin Nifty up 1%,PSU Bank Falls

Ira Singh
8 May’23

The Indian equity indices ended broadly in green on Monday, amid strong domestic earnings and fading concerns over the US economic slowdown following robust job data.

The recent weakness in the US dollar is drawing more foreign funds to the domestic market, with FIIs remaining net buyers for seven consecutive days, according to recent reports.

At close,The Nifty was up 195.40 points or 1.08 percent at 18,264.40,and Sensex climbed 709.96 points or 1.16 percent to 61,764.25.

Sectors and Stocks

IndusInd Bank was the top gainer rising 5 percent, followed by Tata Motors, Bajaj Finance and Bajaj Finserv. Biggest losers were Coal India, Adai Enterprises and Sun Pharma, according to sources.

On sectoral front,Nifty Auto was the top gainer, up 1.79 percent followed by Nifty Realty and Nifty Bank. Nifty Media and Nifty PSU Bank declined during the day, according to reliable sources.

On 8th May’23,the Indian rupee falls 2 paise to close at 81.80 against US dollar.

Experts Take:
Market experts have recommended six stocks to buy for Monday— Britannia, Ambuja Cements, IRFC, Ircon, Nocil and SBI Card.