Market Wrap: Sensex, Nifty end flat; mid, smallcaps clock strong gains; investors richer by over a lakh crore
ITC, Larsen & Toubro and Axis Bank were offset by losses in those of HDFC Bank, ICICI Bank and TCS. Market sentiment was largely positive mirroring global sentiment. Among global peers, European stocks traded with healthy gains when the Sensex closed flat, even as US Treasury yields soared due to concerns about interest rates remaining elevated for a longer-than-expected period.
"US Treasuries hogged the limelight once again, with benchmark 10-year yields climbing to 4.366 per cent - their highest level since 2007 and up almost 40 bps month-to-date," reported Reuters. The long-term outlook of the market remains healthy but experts expect the market to remain in consolidation mode in the short term. Sensex opened 56 points higher at 65,272.42 against the previous close of 65,216.09 and remained in the green for the most part of the day.
The index saw selling pressure in the final hour of trade which made it end flat. Sensex closed 4 points higher at 65,220 while the Nifty closed the day at 19,396, up 3 points. However, mid and smallcaps clocked strong gains.
The BSE Midcap index ended 0.94 per cent higher while the Smallcap index ended with a gain of 0.89 per cent. The overall market capitalisation of the firms listed on BSE rose to ₹308.35 lakh crore from ₹306.96 lakh crore in the previous session, making investors richer by ₹1.39 lakh crore in a single session. Over 250 stocks, including Bharat Electronics, Bharat Forge, Trent, IDFC First Bank, Power Finance Corporation and Polycab India, hit their fresh 52-week highs in intraday trade on BSE.
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