Stock market extends gains on positive global cues,Q2 results

Stock market extends gains on positive global cues,Q2 results

Ira Singh
03 Nov’23

The Indian equity market indices extended the gains for the second day on Friday,amid positive global cues supported by a rise in auto stocks on strong earnings and information technology (IT) stocks on U.S. Federal Reserve’s rate pause.

At close, the Sensex was up 282.88 points or 0.44 percent at 64,363.78, and the Nifty was up 97.35 points or 0.51 percent at 19,230.60.For the week, the Sensex and the Nifty gained nearly a percent each, snapping a two-week losing streak.

Stocks and Sectors

Apollo Hospitals, Adani Ports, Eicher Motors, LTIMindtree and Titan Company were the top gainers on the Nifty, while losers included Bajaj Finserv, Dr Reddy’s Laboratories, SBI Life Insurance, IndusInd Bank and Tata Steel.

On the sectoral front,all indices ended in the green, with oil & gas and realty up 1-2 percent each.The BSE midcap index rose 0.7 percent and the smallcap index a percent.

On 3 Nov’23,the Indian rupee bucked the trend among its Asian peers and ended slightly lower on Friday, as continued local US dollar demand in the absence of substantial inflows weighed on the unit.The rupee falls 6 paise to close at 83.28 against the US dollar.

Likely US dollar sales by the Reserve Bank of India prevented further losses in the rupee, forex traders said.

Experts Take:
Market experts have recommended four stocks to buy for Friday-Bank of Baroda, PFC, Tata Power, and Bharat Forge.