Market Wrap: Sensex drops 7.65 pts, Nifty below 23,000

The domestic equity market indices witnessed a rangebound movement throughout the session on Friday, stepped back from record high levels hit earlier in the trade as the global market cues remained weak on.At close, the Sensex was down 7.65 points or 0.01 percent at 75,410.39, and the Nifty was down 10.55 points or 0.05 percent at 22,957.10.For the week, BSE Sensex and Nifty50 indices rose two percent each. Highlights of trade:
●Nifty tops 23,000 mark for the first time ever,
●Emkay initiates coverages on Go Digit with Sell rating,
●UBS upgrades Vodafone Idea to buy from neutral,
●Honasa jumps 4% post March quarter earnings announcement,
●Rupee hits 6-week high on likely dollar inflows,
●Adani Enterprises recovers to pre- Hindenburg levels,
●Hindalco posts 70% YoY jump in Q4 PAT.
HDFC Bank, L&T, Bharti Airtel, BPCL and Axis Bank were among the top gainers on the Nifty, while losers included Adani Ports, Tata Consumer, Tech Mahindra, Titan and M&M.
On the sectoral front, oil & gas, capital goods, telecom and media were up 0.5-2 percent, while FMCG, Healthcare, IT, Metal and Realty were down 0.5 percent each.BSE Midcap index was up 0.2 percent,while Smallcap index shed 0.2 percent.
Rupee Close:
On 24 May'24,the Indian rupee rose to a two-month peak on Friday,and appreciated by 18 paise to settle at 83.11 against the US dollar on fresh foreign fund inflows and suspected intervention by the RBI.
Trading Guide:
Market experts have recommended buying these five shares-Shriram Finance Ltd, Tata Motors Ltd, Chennai Petroleum Corporation Ltd, Bajaj Auto Ltd, and State Bank of India (SBI).

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