Stock market bounces back; Sensex ends flat with positive bias; Nifty closes above 19,650

Stock market bounces back; Sensex ends flat with positive bias; Nifty closes above 19,650

Ira Singh
25 Sep’23

The Indian equity market indices hit a more-than-two -week low on Monday as information technology stocks continued to fall, and ended on a flat note in the highly volatile session.

At close, the Sensex was up 14.54 points or 0.02 percent at 66,023.69, and the Nifty was up 0.30 points at 19,674.55. About 1817 shares advanced, 1835 shares declined, and 161 shares unchanged.

Both the Sensex and Nifty ended last week in their lowest in months as the Fed’s hawkish stance indicated interest rates will remain higher for longer.

IT stocks fell 0.5% on fears over a delayed demand recovery in the U.S., its major market due to higher interest rates. Last week, they fell 1.4%.While,shares of Delta Corp slumped after the company said on Friday it received a notice to pay taxes worth 111.4 billion rupees ($1.34 billion).

Surging crude oil prices have also brought inflation worries to investors in the world’s third-largest importer, analysts said.

Stocks and Sectors

Bajaj Finance, Tata Consumer Products, Apollo Hospitals, Bajaj Finserv and Coal India were among the top gainers on the Nifty, while losers included Hindalco Industries, SBI Life Insurance, Hero MotoCorp, Infosys and Dr Reddy’s Laboratories.

On the sectoral front, realty index rose 1.5 percent and bank index up 0.3 percent, while Information Technology index down 0.7 percent and capital goods index down 0.3 percent.

The BSE midcap index rose 0.40 percent, while Smallcap index ended on a flat note.

On 25 Sep’23,the Indian rupee ended 21 paise lower to close at 83.14 against the US dollar weighed down by broader strength in the greenback and soaring US treasury yields.

Experts Take:

Market experts have recommended six stocks to buy for Monday- Persistent Systems, Granules India, ITC, SBI, Quickheal and JSW Energy.