Stock Market Highlights: Nifty climbs above 18300 points, Sensex gains 180 points; Induslnd Bank,HDFC Life gain.

Nifty climbs above 18300 points, Sensex gains 180 points; Induslnd Bank,HDFC Life gain.

Ira Singh
10 May’23

The Indian stock market started the session on a mild note taking cues from mixed global bourses. Amidst the hustle,equity indices managed to close in green on Wednesday.

Some buying was seen in private banks, auto and realty – all of which are interest rate-sensitive sectors,lifted benchmark indices higher but the concern over US inflation data that will set the tone for the next FOMC meeting was apparent on Dalal Street, according to sources.

Besides,oil prices edged lower as industry data revealed a surprise surge in US crude stock, indicating a potential weakness in demand, according to recent report.

At close,the Nifty was up by 49.15 points or 0.27 percent at 18,315.10;and Sensex gained 178.87 points or 0.29 percent at 61,940.20.

Stocks and Sectors

The biggest gainer was IndusInd Bank that climbed nearly 3 percent in Nifty. HDFC Life Insurance, Power Grid and Tata Motors were also among top gainers.

UPL continued to lose momentum as the stock fell 2 percent. Dr Reddy’s Labs, Infosys and Hindalco Industries were other top losers, according to reliable sources.

On 10th May’23, the Indian rupee falls 10 paise to close at 81.84 against US dollar.

Experts take:
Market experts have recommended six buy or sell stocks for Wednesday-Lupin, Godrej Agrovet, Everready Industries, Nazara Tech, Birla Corp, and Shipping Corporation of India. However,Cipla, Wipro, and Tata Steel are among other six stocks that were recommended by experts for the intraday trade.