Stock market traded flat amid India's FY23 GDP Q4 results

The Indian equity market indices extended loses for the second day on Thursday, amid lack of optimism in the global markets. Experts believe,'Despite challenges in the global economies, the domestic market displayed better than estimated Q4 earnings growth, along with 7.2% GDP growth in FY23, adding buoyancy to the market during the week.' However, on Thursday,the market closed with a marginal negative bias in which banks witnessed heavy profit booking. Investors turned cautious in anticipation of inflationary pressure in the US after raising the US debt ceiling. At close, the Sensex was down 193.70 points or 0.31 percent at 62,428.54, and the Nifty was down 46.65 points or 0.25 percent at 18,487.75.

Apollo Hospitals Enterprises, Divis Laboratories, Bajaj Auto, Tata Motors and Asian Paints were biggest gainers on the Nifty, while losers included Coal India, Kotak Mahindra Bank, Bharti Airtel, SBI Life Insurance and HDFC Life, according to sources.

On sectoral front,bank and metal indices fell 0.5 percent each, while information technology, realty and pharma gained 0.5-1 percent.

The BSE midcap index ended flat, while smallcap index added 0.6 percent.

On 1st June'23,the Indian rupee appreciated by 33 paise to close at 82.42 against the US dollar on,as positive macroeconomic data strengthened investor sentiments.

Market experts have recommended six stocks to buy for Thursday-Bajaj Finance, Havells India, IRCTC, Patanjali Foods, Voltas and IGL.