Market Gains: Nifty reaches 22,600, Sensex rises by 268 pts

The domestic share market indices ended on a positive note on Wednesday,led by gains in FMCG and Reliance Industries, ahead of the Federal Reserve minutes due later in the day.At close, the Sensex was up 267.75 points or 0.36 percent at 74,221.06, while the Nifty was up 68.75 points or 0.31 percent at 22,597.80. Highlights of trade:
●Paytm's Q4 losses widens to Rs 550 cr; revenue down 3% YoY,
●Nuvama maintains a buy rating on BHEL,
●Bernstein maintains a Market Perform rating on HCL Tech,
●Rupee climbs to over one-month high,
●Apollo Tyres shares jump 6% after 3.5% equity change hands,
●SpiceJet to seek Rs 450 cr refund from Kalanithi Maran, KAL Airways,
●Awfis Space IPO sails through on Day 1 of bidding.
Cipla, HUL, Tata Consumer Products, HUL, Coal India and Britannia Industries were the top gainers on the Nifty, while losers included SBI, Hindalco Industries, Shriram Finance, Hero MotoCorp and Apollo Hospitals.
On the sectoral front, realty and FMCG gained one percent each, and capital goods, IT and Media were up 0.5 percent each. On the other hand, bank index was down 0.5 percent and meal index shed 0.4 percent each.The BSE midcap index ended on a flat note and smallcap index was up 0.2 percent.
Rupee Close:
On 22 May'24,the Indian rupee ended slightly stronger on Wednesday after dollar demand from local importers prompted the currency to shed gains from a six-week high hit earlier in the session. The rupee appreciated by 3 paise to settle at 83.28  against the US dollar on Wednesday amid softening crude oil prices.Forex traders said the local unit consolidated in a narrow range weighed down by foreign fund outflows.The rupee climbed to an intra-day peak of 83.2250, its highest since April 10.

Trading Guide:
Market experts have  recommended three stocks to buy today —Bharat Petroleum Corp Ltd (BPCL), Cipla, and GNFC.

(Writer is a Finance Research Analyst, based in Gandhinagar, Gujarat)