Sensex, Nifty growth boost investor wealth by Rs. 11L crore
What's the story
Indian benchmark stock indices experienced their most impressive week in two months, as they extended their winning streak for the sixth straight session on Friday. Over this streak, both indices have surged by nearly 3%, resulting in a wealth gain of more than Rs. 11 lakh crore for investors. Intraday, the Nifty crossed over the 19,800 milestone, and the Sensex ascended past the 66,700 mark, a milestone it hadn't reached in more than six weeks since July 27.
Details
Indian market defies global distress signals
The Indian market has demonstrated its resilience by rallying, seemingly unaffected by global distress signals. While IT and pharma stocks experienced selling due to weak global cues, gains in infra, industrial, and capital goods stocks, along with a persistent preference for mid-and small-cap stocks, contributed to the ongoing rally. The upcoming weeks will see monetary policy meetings of the European Central Bank, Federal Reserve, and Bank of England, which will influence the market mood.
Insights
Stock market performance today
The Sensex opened at 66,381.43, up from its previous close of 66,265.56. It continued to climb, reaching an intraday high of 66,766.92, and eventually closed 333 points (0.50%) higher at 66,598.91. Nifty 50 too ended positively at 19,819.95, gaining 93 points (0.47%). Both the BSE Midcap index and the BSE Smallcap index performed well, with the former gaining 0.92% and the latter reaching a fresh record high of 38,369.21 during the session.
What Next?
Sectoral indices performance
Nifty Realty emerged as the top gainer among sectoral indices, jumping 2.12% and hitting its 52-week high of 593.10 during the session. Nifty Consumer Durables (up 1.38%) and Oil and Gas (up 1.12%) indices also rose over a percent each. Nifty Bank ended 0.62% higher, while the Private Bank index and PSU Bank index increased by 0.56% and 0.32% respectively. Among the losers, Nifty Media lost 0.97%, Nifty Pharma lost 0.36%, and Nifty IT lost 0.10%.