Stock market highlights: Stock market indices traded in red amid negative global cues; Metals drag, Pharma gains

Stock market indices traded in red amid negative global cues; Metals drag, Pharma gains

Ira Singh
24 May’23

The Indian equity indices was in favor of bears on Wednesday, amid negative global cues as representatives of President Joe Biden and congressional Republicans ended another round of debt ceiling talks on Tuesday with no signs of progress.

At close, Sensex was down 208.01 points or 0.34% at 61,773.78, while the Nifty was down 62.60 points or 0.34% at 18,285.40, according to estimates.

Stocks and Sectors

Adani Enterprises, Adani Ports, Tata Motors, HDFC Bank, and ICICI Bank were among the biggest losers on the Nifty. However, gainers included Sun Pharma, Dr Reddy’s Laboratories, ITC, IndusInd Bank, and Hero MotoCorp, according to reliable sources.

On sectoral front,metal index shed 1 percent, Bank down 0.5 percent, while pharma index added 1 percent and power index up 0.6 percent.

The BSE midcap and smallcap indices ended on a flat note.

The Indian rupee ended higher for a second straight session on Wednesday, amid possible dollar inflows and the recovery of the Chinese yuan, according to experts.

On 24th May’23,the Indian rupee rises 15 paise to close at 82.70 against US dollar.

Experts Take:
Market experts have recommended 7 buy or sell stocks for Wednesday — Tata Motors, Adani Ports & Special Economic Zones, Bharat Dynamics, Reliance Industries, Berger Paints India, Torrent Pharmaceuticals, and Suprajit Engineering.