Stock market near 2 month high; Sensex closes at 66598.91,Nifty gains 473 pts

Stock market near 2 month high; Sensex closes at 66598.91,Nifty gains 473 pts

Ira Singh
8 Sep’23

The Indian equity benchmark indices ended near its two-month high amid buying across sectors barring healthcare, once again shrugging off weak global cues on Friday.Nifty today ended 93 points higher to form a reasonable bull candle on the daily chart and a long bull candle on the weekly chart.

At close,the Sensex was up 333.35 points, or 0.50 percent at 66,598.91, and the Nifty was up 93 points, or 0.47 percent, at 19,819.95.For the week, the Sensex and the Nifty rose nearly 2 percent each, their best weekly gains in almost 2 months.

Stocks and Sectors
Coal India, NTPC, BPCL, Tata Motors and Larsen and Toubro were the top gainers on the Nifty,while losers included UPL, Eicher Motors, Apollo Hospitals, ITC and UltraTech Cement.

On the sectoral front, capital goods, oil & gas, power and realty were up 1.5-2 percent each, while the pharma index was down 0.3 percent.

The BSE midcap index rose 0.9 percent and the smallcap index 0.4 percent.

On 8 Sep’23,the Indian rupee snapped a four-day losing streak to close 24 paise higher at 82.99 against the US dollar, helped by a firm trend in domestic equities and suspected intervention by the RBI.

Besides, the local unit appreciated after the Reserve Bank announced the discontinuation of incremental cash reserve ratio in a phased manner by October 7, 2023, forex traders said.

Experts Take:
Market experts have recommended six stocks to buy for Friday-Tata Motors,Tech Mahindra, Zomato, EID Parry, DLF and IndusInd Bank.