Stock market snaps 2-day winning streak, tumbles 284 points.

Stock market snaps 2-day winning streak, tumbles 284 points.

Ira Singh
22 June’23

The Indian equity indices snapped 2-day winning streak on Thursday, amid emergence of profit-taking and negative trend in the US markets.

At close,Sensex ended 284.26 points or 0.45 percent lower at 63,238.89,and the Nifty fell 85.50 points or 0.45 percent at 18,771.25.

Stocks and Sectors

Divis Laboratories, L&T, HDFC, HDFC Bank and Bharti Airtel were among the top gainers on Nifty , while losers included Tata Steel, Bajaj Finance, Tata Consumer Products, Tata Motors and Asian Paints.

On the sectoral front,all indices ended in red with PSU Bank and Power losing 1 percent each, while oil & gas, metal, FMCG, pharma and information technology were down by 0.5 percent each, according to sources.

The BSE midcap index shed 1 percent and smallcap index fell 0.6 percent.

The Indian rupee is likely to strengthen beyond the 80-per-dollar level in 2024, helped by foreign inflows, while the benchmark 10-year bond yield could rise towards 7.20%, Bank of America’s (BofA) top India treasury executive told Reuters on Thursday.

On 22nd June’23, the Indian rupee rises 5 paise to close at 81.96 against the US dollar.

Experts Take:
Market experts have recommended six stocks to buy for Thursday- Grasim Industries, UPL, Power Grid, HDFC Bank, IndusInd Bank and Tata Chemical.