Stock market snaps 2 day winning streak, dragged by Banks and RIL

Stock market snaps 2 day winning streak, dragged by Banks and RIL

Ira Singh
8 Aug’23

The Indian equity indices snapped 2-day winning streak on Tuesday,as investors turned cautious ahead of the key events RBI’s monetary policy and the US inflation data due to be announced later this week. Continuous foreign fund outflows and weak trend in Asian and European markets also played spoilsport for the domestic markets.

At close, the Sensex was down 106.98 points, or 0.16 percent, at 65,846.50, and the Nifty was down 26.45 points, or 0.14 percent, at 19,570.85.

Stocks and Sectors

Hero MotoCorp, SBI Life Insurance, Cipla, Tech Mahindra and Wipro were the biggest gainers on Nifty, while losers included Adani Enterprises, Power Grid Corporation, Hindalco Industries, M&M and Divis Labs.

On the sectoral front,the PSU bank index gained 3.3 percent and the pharma index 0.6 percent, while other indices ended flat to negative.

BSE midcap and smallcap indices ended with marginally higher.

On 8th Aug’23,the Indian rupee falls 10 paise to close at 82.84 against the US dollar following weakness in other Asian currencies amid safe- haven dollar demand.

Experts Take:
Market experts have recommended five stocks to buy for Tuesday-JSW Steel, IndusInd Bank, ICICI Bank, Adani Ports and Godrej Consumer Products.