Market Wrap: Nifty Closes Lower Amid Rate Uncertainty; PSUs Rally, Manappuram Finance Tumbles

    Investors remain cautious ahead of the Fed’s rate-setting meeting verdict as heavyweight stocks drag the market down

    Equities in India closed lower on May 3, 2023, as investors turned cautious ahead of the Federal Reserve’s rate-setting meeting verdict, due to be released at 11:30 pm today. Additionally, the impact of Go First’s bankruptcy on the banking sector and selling in heavyweight stocks like Reliance Industries (RIL), TCS, L&T, and Infosys weighed on investor sentiment.

    Market Overview

    At the close, the S&P BSE Sensex stood at 61,193.30, down 161 points or 0.26 per cent, while the NSE’s Nifty settled at 18,089.85, down 0.32 per cent or 59 points.

    Sectoral Performance

    Sector-wise, PSU stocks experienced a strong rally, while Manappuram Finance faced a significant 12 per cent decline. The Nifty PSU Bank index surged 3.5 per cent as shares of public sector banks like Bank of Baroda, Punjab National Bank, and Canara Bank posted gains.

    On the other hand, the Nifty IT index slipped 1.2 per cent, with major IT stocks like Infosys, TCS, and Wipro facing declines.

    Key Market Movers

    Manappuram Finance emerged as one of the day’s biggest losers, as its shares plummeted 12 per cent. This sharp decline can be attributed to investor concerns over the company’s gold loan portfolio and the impact of the ongoing economic challenges.

    Conversely, PSU stocks experienced a robust rally, with Bank of Baroda, Punjab National Bank, and Canara Bank among the top gainers.

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