Stock market highlights: Sensex, Nifty close at one week high; Pharma,IT, Metals shine.

Sensex, Nifty close at one week high; Pharma,IT, Metals shine.

Ira Singh
22nd May’23

The Indian equity indices ended on a higher note on Monday, following positive cues from global equity markets buoyed by the optimism that the US could soon reach a debt ceiling deal to avoid a default.

Markets started the week on a firm note and gained over half a percent, in continuation to Friday’s rebound. Meanwhile, a mixed trend on the sectoral front kept the traders busy wherein, markets continue to be buffeted by tension between China and the US and its allies. President Joe Biden said on Sunday he expected ties with China to improve “very shortly” after a spat over an alleged spy balloon earlier this year derailed relations.

At close,the Sensex was up 234 points or 0.38% at 61,963.68, and the Nifty was up 111 points or 0.61% at 18,314.40.

Stocks and Sectors

Adani Enterprises, Adani Ports, Divis Laboratories, Apollo Hospitals and Tech Mahindra were among the biggest gainers on the Nifty, while losers were Nestle India, Hero MotoCorp, Eicher Motors, Axis Bank and Coal India, according to sources.

On sectoral front,the metal index was up 3 percent, the information technology index 2 percent, while capital goods, oil & gas and healthcare indices were up a percent each.

The BSE midcap index added 0.7 percent and the smallcap index 0.4 percent.

On 22nd May’23,the Indian rupee depreciated 13 paise to close at 82.80 against the US dollar.

Experts take:
Market experts have recommended 6 buy or sell stocks for Monday-ICICI Bank, Motherson Sumi, Reliance Industries, Uflex, Bharti Airtel, and Mphasis.