Stock market dip on Friday, notching weekly losses, as traders’ rate hike fears return

Stock market dip on Friday, notching weekly losses, as traders’ rate hike fears return

Ira Singh
28 July’23

The Indian equity market indices finished lower for the week, as Wall Street struggled to shake off fears that the Federal Reserve may start hiking rates again later this month.

At close, the Sensex was down 106.62 points or 0.16 percent at 66,160.20, and the Nifty was down 13.90 points or 0.07 percent at 19,646.05.

Stocks and Sectors

NTPC, Power Grid Corporation, Apollo Hospitals, Adani Enterprises and M&M were the biggest gainers on Nifty, while losers included
Bajaj Finserv, HDFC Bank, BPCL, Tata Motors and HCL Technologies.

On the sectoral front, power and realty indices rose 2 percent each, while metal, capital goods and healthcare added 0.4 percent each. On the other hand, selling was seen in the banking, oil & gas and information technology names, according to sources.

For the week, BSE Sensex lost 0.78 percent and Nifty50 fell 0.5 percent.The BSE Midcap and Smallcap index added 0.5 percent each on Friday.

On 28th July’23,the Indian rupee falls 32 paise to close at 82.24 against the US dollar amid renewed foreign fund outflows and negative trends in domestic equity markets.

Experts Take:
Market experts have recommend six stocks to buy for Friday- Sun Pharma, Divi’s Lab, Ashok Leyland, Tata Steel, HDFC Life, and Mahindra & Mahindra Finance.