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Stock market ended lower amid global sentiment slump

The Indian equity market indices ended lower on Wednesday as weak economic data from the US, euro zone, and China led to caution in global equities. At close, the Sensex was down 676.53 points or 1.02 percent at 65,782.78, and the Nifty was down 207.00 points or 1.05 percent at 19,526.55.
Stocks and Sectors
"The impact on the stock markets is likely to be negative but not large since the US economy is now headed for a soft landing and not a recession, as markets feared earlier," Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, wrote on Twitter.
Among individual stocks GAIL, GNFC, Bosch saw short buildup while Mphasis and ACC witnessed long unwinding. On the sectoral front all indices ended in red with auto, metal ,oil&gas and power down 1 percent each.
On 2 Aug'23,the Indian rupee depreciated 33 paise to close at 82.59 against the US dollar.
 Experts Take:
Market experts have recommended six stocks to buy for Wednesday- HDFC Life Insurance, NTPC, Axis Bank, Reliance Industries, Escorts Kubota, and HCL Technologies.
(Writer is a Finance Research Analyst, based in Gandhinagar, Gujarat)

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