“Sensex Closes Flat in Lackluster Trade;Nifty Remains Above 19,400”

Ira Singh
Khabar khabaron ki,08 Nov’23.

The Indian equity market ended on a flat note on Wednesday, though shares rose marginally and extended gains in the initial hours led by energy stocks, as crude prices fell, while a drop in high weightage financials after a recent rise capped gains.

“Moderation in U.S. bond yields, positive earnings and a drop in crude oil prices are positive for the markets,” said analysts at Centrum Institutional Research.

At close the Sensex closed at 64,975.61, up 33.21 points or 0.05 percent, while Nifty gaining 36.80 points or 0.19 percent to close at 19,443.50.

Stocks and Sectors
BPCL, Adani Ports, Cipla, Asian Paints and Titan Company were the top gainers on the Nifty, while losers included ICICI Bank, NTPC, Tech Mahindra, Infosys and Tata Consumer Products.

On the sectoral front, except, IT and bank (down marginally), all other indices ended in the green with realty, oil & gas, healthcare and capital goods up 1 percent each, while auto, FMCG and metal up 0.5 percent each.Broader indices outperformed the main indices with BSE Midcap and Smallcap indices rising 0.5 percent each.

On 8 Nov’23,the Indian rupee consolidated in a narrow range and settled lower by 1 paisa to close at 83.28 against the US dollar on Wednesday, tracking a strong American currency overseas.

Forex traders said a muted trend in domestic equities also weighed on the local unit while a correction in oil prices provided support to the currency.

Experts Take:
Market experts have recommended four stocks to buy for Wednesday -ICICI Bank, Sun TV Network, Tata Steel, NTPC, Texmaco Infrastructure & Holdings Ltd, and Creative Castings Ltd.