Stock market tumbles for 2nd day,Sensex ends 366 pts lower, Nifty below 19450

The Indian equity market indices traded lower for the second consecutive session on Friday, dragged by financials on the central bank's move to mop-up excess liquidity as well as consumer stocks on near-term domestic price concerns, offsetting optimism over moderating U.S. inflation.At close, the Sensex was down 365.53 points, or 0.56 percent, at 65,322.65 and the Nifty ended 114.80 points, or 0.59 percent, lower at 19,428.30.

HCL Technologies, Titan Company, Power Grid Corporation, UltraTech Cement and Reliance Industries were biggest gainers on the Nifty while losers included IndusInd Bank, NTPC, SBI Life Insurance, Divis Labs and UPL.

On the sectoral front,the PSU bank index gained 1.2 percent. The pharma index was down a percent, while bank, auto, FMCG, metal and oil & gas were down 0.5 percent each.

Among individual corporate firms,NIIT Learning Systems Ltd., which offers Managed Training Services to ‘Fortune 1000 and Global 500 corporations’ across North America and Europe, on Tuesday got listed on the Bombay Stock Exchange and the National Stock Exchange.NIIT’s Managed Training Services that operated its Corporate Learning Business has been demerged from NIIT Ltd. to NIIT Learning Systems Ltd. upon the approval of the Composite Scheme of Arrangement.

The demerger became effective on May 24, 2023, post approval from various stakeholders and the NCLT, NIIT Learning Systems Ltd. said in a statement.

Rajendra Singh Pawar, Co-founder NIIT and Chairperson of NIIT Learning Systems Ltd. in a statement said, “The Managed Training Services Business has grown to be ranked in the Top 5 globally in the Learning Outsourcing space. The global corporate training market is currently underpenetrated and NIIT MTS has an opportunity to become a leader in this space.”

For the week, the Sensex shed 0.6 percent and the Nifty 0.45 percent.BSE midcap and smallcap indices also ended marginally lower on Friday.On 11th Aug'23,falls 14 paise to close at 82.85 against the US dollar,amid a steady American currency and weakness in domestic equities. 

Market experts have recommended six stocks to buy for Friday-Godrej Consumer Properties, TVS Motor, Tata Motors, M&M Finance, Coromandel International, and Sonata Software.