Stocks tumble on Thursday amidst Fitch’s downgrade of US credit rating

Stocks tumble on Thursday amidst Fitch’s downgrade of US credit rating

Ira Singh
3 Aug’23

The Indian equity market indices ended lower for the third consecutive day, following the cautious sentiment in Asian markets due to Fitch’s downgrade of the United States’ credit rating.

At close, the Sensex was down 542.10 points, or 0.82 percent, at 65,240.68, and the Nifty was down 144.80 points, or 0.74 percent, at 19,381.65.

Stocks and Sectors
Adani Enterprises, Eicher Motors, Divis Labs, Infosys and Adani Ports were the biggest gainers on Nifty while losers included UPL,Titan Company, Bajaj Finserv, ONGC and ICICI Bank.

On the sectoral front the pharma index gained a percent, while bank, metal, oil & gas and realty were down 1-2 percent each.

BSE midcap and smallcap indices ended flat.

On 3rd Aug’23, the Indian rupee fell to a low of 82.7775 per US dollar, its weakest since May 30, as broad risk aversion weighed on sentiment pushing the local currency to its lowest level in more than two months.

Experts Take:
Market experts have recommended six stocks to buy or sell for Thursday- Power Grid, TechM, M&M, Tata Steel, Tata Motors and MFSL