Stock market halts 2-day winning streak; Sensex sheds 388 pts, Nifty below 19400

Stock market halts 2-day winning streak; Sensex sheds 388 pts, Nifty below 19400

Ira Singh
17 Aug’23

The Indian equity market indices snapped 2-day winning streak on Thursday,weighed by information technology (IT) and financial stocks, tracking weakness in Asian peers on worries over China’s economy and Wall Street on interest rate concerns.

At close, the Sensex was down 388.40 points or 0.59 percent at 65,151.02, and the Nifty was down 99.75 points or 0.51 percent at 19,365.25.

Stocks and Sectors

Adani Ports, Titan Company, Adani Enterprises, Bajaj Auto and SBI were top gainers on the Nifty, while losers included ITC, LTIMindtree, Divis Lab, Power Grid and Reliance Industries.

On the sectoral front,except PSU Bank, all other indices ended in the red with capital goods, oil and gas, power, FMCG and information technology down 0.3-0.9 percent.

The broader indices outperformed the main indices with the BSE midcap and smallcap indices ending marginally higher.

On 17 Aug’23,the Indian rupee closed at an all-time low against the US dollar tracking weakness in global equities markets, rise in US treasury yields and fall in the Chinese currency, dealers said.The Indian rupee falls 20 paise to close at 83.15 against the US dollar on Thursday.

Experts Take:
Market experts have recommended five stocks to buy for Thursday- Grasim Industries, Tata Motors, Dawat, Polycab and HBL Power.