Stock market bounces back; Sensex ends 79 pts higher, Nifty settles below 19450

Stock market bounces back; Sensex ends 79 pts higher, Nifty settles below 19450

Ira Singh
14 Aug’23

The Indian equity market indices managed to close slightly higher as Indian shares fell to a more than one-month low on Monday,in line with Asian peers, weighed by concerns around local industrial output and weak consumption in top consumer China, while investors focus on domestic inflation data due later in the day.

At close ,the Sensex was up 79.27 points or 0.12 percent higher at 65,401.92, and the Nifty settled at 19,434.55, up 6.25 points or 0.03 percent after market made a smart recovery from the day’s low points.

Stocks and Sectors
HCL Technologies, Titan Company, Power Grid Corporation, UltraTech Cement and Reliance Industries were the biggest gainers on Nifty,while losers included IndusInd Bank, NTPC, SBI Life Insurance, Divis Labs and UPL.

On the sectoral front,the PSU bank index gained 1.2 percent. The pharma index was down a percent, while bank, auto, FMCG, metal and oil & gas were down 0.5 percent each.

BSE midcap and smallcap indices also ended the day marginally lower.

On 14th Aug’23,the Indian rupee ended 10 paise lower, near 10-month low, to close at 82.95 against the US dollar, weighed down by a stronger American currency against other Asian peers.

The market will remain shut on August 15 on account of Independence Day.

Experts Take
Market experts have recommended six stocks to buy or sell for Monday- Tata Steel, Power Grid Corp, Tata Motors, Balkrishna Industries, IRCTC, and Gujarat Gas Limited.