Sensex, Nifty Falls; Best Stocks to Buy Today

Stock market closing updates: On Monday, domestic equity markets lagged in the red as a cautious global attitude kept investors away in anticipation of the release of the minutes from the US Federal Reserve's most recent policy meeting. In addition, Goldman Sachs Group Inc's downward revision in its prediction for India's economic growth 2023, dented sentiment.

The gross domestic product (GDP) may increase by 5.9% in calendar year 2023 from an anticipated 6.9% this year, said Goldman economists led by Andrew Tilton in a report Sunday,  citing a hit to consumer demand from increased borrowing prices and waning gains from pandemic reopening.

In response to this, the benchmark BSE Sensex dropped more than 550 points during the course of the day before ending the day at 61,145, down 519 points or 0.84 percent. Conversely, the NSE Nifty50 fell as low as 18,133 before ending at 18,160, down 148 points or 0.81 percent.

Adani Ports, Hindalco, TCS, HDFC, Tech M, Reliance Industries, Hero MotoCorp, Infosys, Grasim, JSW Steel, and Bajaj Finance led the decline of over 35 stocks on the Nifty50 index. These stocks experienced a decline of 1.5% to 2%.

The BSE MidCap and SmallCap indexes outperformed the benchmarks in the overall market as the former dropped just 0.15 percent while the latter increased 0.01 percent.

Sectorally, the Nifty PSU Bank index rose 1.4% while all others closed their doors in the red. The Nifty IT and Realty indices experienced the largest declines, falling up to 1.5%.

Archean Chemical Industries (ACIL) shares were floated at Rs 450, or 11% more than their NSE issue price of Rs 407 per share. The shares reached a high of Rs 476 a share before settling at Rs 458 and increasing by 12.5% over the issue price. 

International Markets: As investors continued to evaluate inflationary pressures and the potential course of central bank interest rates, European markets were slightly down on Monday. By mid-morning, the pan-European Stoxx 600 was down 0.1%, with basic resources leading down at 1.3% while healthcare stocks were up 0.5%. As China's central bank held the benchmark lending rates, or loan prime rates, on hold, shares in the Asia-Pacific region fell earlier.

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