Stock market highlights: The Indian equity indices ended marginally lower;Nifty close below 18,300, Sensex dropped 35.68 points.

The Indian equity indices ended marginally lower;Nifty close below 18,300, Sensex dropped 35.68 points.

Ira Singh
11 May’23

The Indian equity indices started with a decent gap up at the opening bell but failed to capitalize on the initial gains ,on Thursday.

The current market rally has been largely influenced by consistent FII inflows, driven by lower treasury yields and the weakness of the US Dollar. However, the gains in the domestic market were tempered by weak earnings reported by a few heavyweight companies, according to experts.

On the global front, markets remained positive as US inflation eased below 5 percent, providing reassurance to investors that the Fed’s rate hike measures have been effective in managing inflation levels, according to recent reports.

At close,the Nifty declined 0.1 percent or 18.10 points to 18,297;and Sensex dropped 35.68 points or 0.06 percent to 61,904.52.

Stocks and Sectors

Adani Enterprises, which rose 5 percent, was the biggest gainer in the Nifty, followed by Asian Paints,HUL, Adani Ports among other big gainers of the day. Dr Reddy’s,L&T, Hindalco,Divi’s Lab were top losers, according to reliable sources.

On sectoral front,Nifty auto and Nifty Realty continued to shine while Nifty Metal and Nifty Pharma were among the losers.

On 11th May’23,the Indian rupee falls 2 paise to close at 81.96 against US dollar.

Experts Take:
Market experts have recommended six stocks to buy for Thursday — ONGC, Eicher Motors, BPCL, Jindal Saw, HAL and Axis Bank.