Stock market resumes rally after a day’s break backed by strong GDP,PMI data

Stock market resumes rally after a day’s break backed by strong GDP,PMI data

Ira Singh
1 Sep’23

The Indian equity benchmark indices ended in green on Friday as investors seemed to be relatively cautious amid mixed global cues. Economic growth of 7.8 per cent in the three months ended June, the highest in the past four quarters, helped investor sentiments.

At close, the Sensex was up 555.75 points or 0.86 percent at 65,387.16, while the Nifty was up 181.50 points or 0.94 percent at 19,435.30.

Stocks and Sectors

NTPC, ONGC, JSW Steel, Tata Steel and Maruti Suzuki were top gainers on the Nifty, while losers included Cipla, HDFC Life, Dr Reddy’s Laboratories, UltraTech Cement and Nestle India.

On the sectoral front,except for pharma all other indices ended in the green with power, metal, auto, oil & gas and bank gaining between 1 and 2.7 percent.

The BSE midcap and smallcap indices gained 0.7 percent each. The BSE Sensex and Nifty50 added nearly a percent each for the week.

On 1 Sep’23, the Indian rupee ended 7 paise higher to close at 82.72 against the US dollar on Friday led by softness in the American currency and gains in domestic equities amid strong macroeconomic data.

Experts Take:
Market experts have recommended six stocks to buy for Friday-Tata Steel, HDFC Life, HAL, BEL, Bikaji Foods, Polycab