Stock market highlights: IT shares drag benchmark indices lower; Nifty50 below 18600.

Stock market highlights: IT shares drag benchmark indices lower; Nifty50 below 18600.

Ira Singh
9 June’23

The Indian equity indices formed bearish turn for the second straight session on Friday,amid sustained profit booking after the Reserve Bank of India signalled tighter monetary conditions could persist.

At close,the Sensex was down 223.01 points or 0.35 percent at 62,625.63, and the Nifty was down 71.15 points or 0.38 percent at 18,563.40.

Stocks and Sectors

IndusInd Bank, Axis Bank, L&T, Adani Enterprises and Power Grid Corporation were among the top gainers on Nifty, while losers included Hero MotoCorp, Divis Laboratories, Tata Steel, HDFC Life and Eicher Motors, according to sources.

On the sectoral front, capital goods rose 1 percent, while FMCG, PSU Bank, Information Technology, metal and oil & gas down 0.5-1 percent.

The BSE midcap and smallcap indices ended flat.

The Indian rupee strengthened marginally higher against the US dollar on June 9, tracking gains in the Asian currencies and local equity markets, according to official reports.On 9th June’23 the Indian rupee appreciates 10 paise to close at 82.47 against the U.S dollar.

Experts Take:
Market experts have recommended six stocks to buy for Friday-ONGC, Ashok Leyland, NTPC, South Indian Bank, Reliance Industries and LT.