Stock market resumes downtrend;Nifty settles below 19350, Sensex plunges 500 pts

Stock market resumes downtrend;Nifty settles below 19350, Sensex plunges 500 pts

Ira Singh
7 July’23

The Indian equity market indices ended Friday’s session in red amid pressure due to concerns about further policy tightening in the US.

However, despite the fall on Friday, both Sensex and Nifty 50 ended the week with gains. This is the sixth instance in the last seven weeks when the market has reported gains, according to sources.

At close,Sensex was down 505.19 points or 0.77 percent to end at 65,280.45 and the Nifty finished at 19,331.80, down 165.50 points or 0.85 percent.

Stocks and Sectors

Tata Motors, Titan Company, M&M, SBI and TCS were top gainers on Nifty while losers included Adani Ports, Power Grid Corporation, Apollo Hospitals, IndusInd Bank and Britannia Industries.

On the sectoral front,except auto and PSU bank all sectoral indices ended in the red with FMCG, power and realty down one percent each, according to sources.

The BSE midcap index shed 0.8 percent and the smallcap 0.28 percent.

On 7th July’23,the Indian rupee depreciated by 13 paise to close at 82.73 against the US dollar on due to losses in domestic markets and a rise in crude oil prices.

Experts Take:
Market experts have recommended following stocks for intraday trading on Friday- Larsen and Toubro, Wipro, Tata Steel, NTPC, Kotak Mahindra Bank, and DLF.