Stock market snaps 3-day losing streak;LIC Housing surges 8%, RBL Bank drops 3%
Ira Singh
4 Aug’23
The Indian equity benchmark indices snapped 3-day losing streak on Friday, rebounded from the blow seen across global equities due to credit rating downgrade of the US by Fitch.The pharma sector sustained its positive momentum, with the trend being extended by the IT and banking stocks. However, increasing US bond yields continued to distract the global market, impeding the inflow of foreign funds into the domestic market.
At close,the Sensex was up 480.57 points or 0.74 percent at 65,721.25, and the Nifty was up 135.30 points or 0.70 percent at 19,517.
Stocks and Sectors
Cipla, IndusInd Bank, Tech Mahindra, Wipro and Bharti Airtel were the biggest gainers on Nifty, while the losers included SBI, Bajaj Auto, BPCL, NTPC and Maruti Suzuki.
On the sectoral front,Pharma and Information Technology index was up 1 percent each, while bank, capital goods and metal added 0.5 percent each. However, selling was seen in the auto and power names.
For the week, BSE Sensex and Nifty50 lost 0.6 percent each.BSE midcap and smallcap indices added 0.6 percent each.
On 4th Aug’23, the Indian rupee ended 12 paise lower at a more than two-month low against the US dollar amid strength in greenback and selloff in Asian currencies.
Experts Take:
Market experts have recommended six stocks to buy for Friday-Eicher Motor, MGL, Adani Ports, Apollo Tyre, Cipla and Infosys.