Stock market highlights: Market halts 4-day winning streak; Sensex ends 347 points lower, Nifty below 18,540.

Stock market halts 4-day winning streak; Sensex ends 347 points lower, Nifty below 18,540.

Ira Singh
31 May’23

The Indian stock market indices snapped a four day winning streak on Wednesday,amid concerns over the US Congress’s approval of the debt deal followed by lack of optimism in China’s economy weighed on the investor sentiments.

At close, the Sensex was down 346.89 points or 0.55% at 62,622.24, and the Nifty was down 99.45 points or 0.53% at 18,534.40.

Stocks and Sectors

Bharti Airtel, Kotak Mahindra Bank, Britannia Industries, Sun Pharma, and SBI Life Insurance were biggest gainers on the Nifty, while losers included ONGC, Reliance Industries, Axis Bank, SBI, and HDFC, according to sources.

On the sectoral front,all indices ended in red except Information Technology, realty, and healthcare.

The BSE midcap and smallcap indices rose 0.5 percent each, according to sources.

The Indian rupee ended nearly flat on Wednesday, registered it’s worst monthly performance so far in 2023, weighed mainly by broad strength in US currency, according to official reports.

On 31st May’23,the Indian rupee falls 3 paise to close at 82.70 against US dollar.

Experts Take:
Market experts have recommended six stocks to buy for Wednesday- HAL, Shriram Finance, IDFC, IRCTC, Tata Chemicals, Tata Motors.