Stock market hit new record closing highs

The Indian equity benchmark indices settled at record closing highs, following strong global market sentiments on Friday. At close,Sensex gained 803.14 points, or 1.26 percent, to close at fresh record high of 64,718.56 and the Nifty was up 216.90 points, or 1.14 percent, and saw its best closing at 19,189.05.

M&M, Infosys, IndusInd Bank, Hero MotoCorp and Sun Pharma were biggest gainers on Nifty, while the losers included Adani Ports, Divis Laboratories, Adani Enterprises, Apollo Hospitals and Bajaj Auto.

On the sectoral front,all indices ended in green, with the information technology index up 2.5 percent and PSU Bank index up 2 percent. Auto and capital goods indices gained 2 percent each, according to sources.

The BSE midcap and smallcap indices gained 0.5 percent each.

On 30June'23,the Indian rupee closes flat at 82.03 against the US dollar in a restricted trade on Friday amid a rally in the domestic equities and firm crude oil prices.

Experts believe-“The lack of global support had restrained the Indian indices from pursuing their record highs earlier, despite the presence of a resilient domestic macroeconomic background. With positive surprises assisting buoyancy in the global market and the advance of the southwest monsoon, the domestic market succeeded in marching to new highs with renewed strength. Global investor sentiments were uplifted by a favourable revision in Q1 GDP, a fall in jobless claims, and the positive outcome of the Fed’s US bank stress test.”

Market experts have recommended six stocks to buy for Friday- SBI, Colgate Palmolive India, Tata Motors, Adani Wilmar, HAL and HCLTechnologies.