Stock market bounced back amid positive US economic data.
Ira Singh
16 June’23
The Indian equity market indices bounced back with vigour and closed at record high levels on Friday,as positive US economic data lifted sentiments across all Asian markets.
At close,the Sensex gained 466.95 points or 0.74% to end at 63,384.58,and the Nifty gained 137.90 points or 0.74% to close at 18,826.
According to reports,Nifty 50 is only 63 points away from an all-time high level. The previous record-high close was on December 1, 2022, when Nifty ended at 18,812.50 and Sensex at 63,284.19.
Stocks and Sectors
HDFC Life, SBI Life Insurance, Bajaj Finserv, Dr Reddy’s Laboratories and Titan Company were top gainers on Nifty, while losers included Wipro, Bajaj Auto, TCS, BPCL and ONGC.
On sectoral front,the PSU Bank index was up 1.4 percent, Capital Goods index up 1 percent, and FMCG, Healthcare were up 0.5 percent each. However, the Information Technology index was down 0.38 percent. The Nifty FMCG and Nifty Infra indices hit all-time highs intra day, according to sources.
BSE midcap and smallcap indices rose 0.7 percent each.
The Indian rupee rebounded by 34 paise to close at a month high against the US dollar on Friday amid domestic equity indices surging to record high levels and losses in crude oil prices, according to sources.
On 16th June’23,the Indian rupee gained 31 paise to close at 81.94 against the US dollar.
Experts Take:
Market experts have recommended six stocks to buy today — M&M, Pidilite Industries, Cipla, ITC, IndiGo and Balkrishna Industries.