Stock market snaps 2-day losing streak; Sensex rises 110 pts, Nifty above 19300

Stock market snaps 2-day losing streak; Sensex rises 110 pts, Nifty above 19300

Ira Singh
28 Aug’23

The Indian equity market indices snaps 2-day losing streak and ended higher on Monday after easing concerns over the deposit growth at private lender HDFC Bank lifted financials, though a drop in information technology (IT) stocks on U.S. rate concerns capped the gains.

At close, the Sensex was up 110.09 points or 0.17 percent at 64,996.60, and the Nifty was up 40.25 points or 0.21 percent at 19,306.05.

Stocks and Sectors

Power Grid Corporation, Larsen and Toubro, M&M, Cipla and BPCL were the biggest gainers on the Nifty,while losers included Reliance Industries, Hindalco Industries, Adani Enterprises, Nestle India and HCL Technologies.

On the sectoral front,except for FMCG and Information Technology, all other indices ended in the green with realty and capital goods up 1 percent each.

The BSE midcap and smallcap indices added 0.5 percent each for the day.

On 28 Aug’23,the Indian rupee consolidated in a narrow range and settled higher for the day by 1 paise to close at 82.63 against the US dollar, as the support from positive domestic equities was negated by rising American currency and recovery in crude oil prices.

Forex traders said the Indian rupee witnessed modest gains on Monday on positive domestic equities. However, rising US dollars and recovery in crude oil prices capped sharp gains.

India’s forex reserves dropped by $7.273 billion to $594.888 billion for the week ended August 18, according to the latest data from the RBI. In the previous reporting week, the overall reserves had risen by $708 million to $602.161 billion

Experts Take:
Market experts have recommended five stocks to buy for Monday- Infosys, Titan Company, KPI Green Energy, Century Plyboards, and Map My India.