Stock Market close the week lower after posting record highs

Stock Market close the week lower after posting record highs

Ira Singh
23 June’23

The Indian equity market indices ended low on Friday to close the week and the day on a lower note, amid selling across the sectors.

At close,the S&P BSE Sensex index closed down 260 points or 0.41 percent at 62,979.37 while the NSE Nifty 50 Index was 105.80 points or 0.56 percent lower at 18,665.50, according to sources.

Global stocks headed for their biggest weekly decline in more than three months, according to sources.Globally, investors fled into the safety of bonds and sold stocks after higher interest rates and weak manufacturing data heightened the likelihood of the economies falling into recession.

Stocks and Sectors

IndusInd Bank, Dr Reddy’s Laboratories, Bharti Airtel, Asian Paints and NTPC were among biggest gainers on Nifty while the losers included Adani Enterprises, Adani Ports, BPCL, Hindalco Industries and Divis Labs.

On the sectoral front, metal,oil & gas, power, capital goods, auto, information technology and PSU Bank were down by 1-2 percent, while realty and FMCG were down 0.6 percent each.

The BSE midcap and smallcap indices also shed over a percent each.

On 23rd June’23, the Indian rupee weakened by 5 paise to close at 82.02 against US dollar.

Experts Take:
Market experts have recommended six stocks to buy for Friday- Hindustan Zinc, Tech Mahindra, BSE, Balrampur Chini, DLF and Tata Steel.