Stock market ended higher; Nifty climbs up 18500 points,Sensex settles 119 points higher
Ira Singh
2 June’23
The Indian equity market was skewed in favor of bulls on Friday as investor sentiments for risky assets improved on bets that the U.S. Federal Reserve could pause its interest rate hikes.
At close, the Sensex was up 118.57 points or 0.19 percent at 62,547.11, and the Nifty was up 46.35 points or 0.25 percent at 18,534.10.
Stocks and Sectors
Hindalco Industries, Apollo Hospitals, Hero MotoCorp, Tata Steel and JSW Steel were top gainers on Nifty, while losers included Adani Enterprises, Infosys, BPCL, HDFC Life and TCS, according to sources.
On sectoral front,realty, auto, metal added one percent each, while selling was seen in the IT and oil & gas names.
The BSE midcap and smallcap indices rose 0.5 percent each.
On 2nd June’23,the Indian rupee appreciated by 10 paise to close at 82.30 against the US dollar.
Experts Take:
Experts believe,”This week the Indian market was volatile, however it was able to regain the momentum led by positive domestic outlook accompanied by global cues. Auto stocks garnered attention as sales numbers for May came in strong, with a sequential recovery boosting sentiment across the sector. The hope that the Fed will refrain from a rate hike has provided comfort to the global equity market.”
Market experts have recommended five stocks to buy for Friday-Glenmark Pharma, Tata Motors, Wipro, Tata Chemicals and AU Small Finance Bank.