Top Stock Recommendations: Dharmesh Shah of ICICI Securities suggests buying Tata Power and Oil India tomorrow
Stock Market News: Following a five-day surge, the domestic benchmark indices, the Sensex and Nifty 50, buckled under selling pressure on Friday as investors reduced their exposure to banking, and financial stocks amid mixed global cues. According to reports, traders stated that continuing outflows of foreign funds, a falling rupee, and rising global crude prices further weighed on sentiments. Sectoral indices were mixed bag; the Nifty Consumer Durables index finished 1.72% higher than the Nifty Financial Services index, which ended 0.89% lower.
India VIX recovered as well at 10.92 levels. On Friday, the 30-share BSE Sensex closed at 73,730.16 level, down 609.28 points, or 0.82%. The NSE Nifty 50 ended at 22,419.95, down 150.40 points, or 0.67%.
Senior Vice President of Master Capital Services Ltd, Arvinder Singh Nanda said that the key domestic and global economic statistics will have an impact on the market's trajectory. The Fed Interest Rate Decision, the China Manufacturing (PMI), the Euro Zone (CPI) (YoY), the India Federal Fiscal Deficit (Mar) and Infrastructure Output (YoY) (Mar), the Company Q4FY24 results, and the ISM Manufacturing Prices (Apr) will be in focus next week. Also Read: Stock market today: Sensex, Nifty 50 snap 5-day winning streak; mid, smallcaps hit record highs The buying demand from the lower band of the rising channel helped the index recover last week’s losses and settle the week above the 22,400 mark.
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