Market Wrap: Sensex, Nifty end lower amid weak global cues; mid, smallcaps outperform
Nifty ended lower on Friday (July 28), extending losses into the second consecutive session, amid weak global cues. “Global shares paused for breath on Friday as investors digested monetary policy steps from Japan and inflation data on both sides of the Atlantic in the hope of more evidence to persuade central banks to end their rate hiking cycle," reported Reuters. As per media reports, the Bank of Japan has changed its approach to managing interest rates.
They made their policy more flexible and relaxed their efforts to keep long-term interest rates low. This week US Fed and European Central Bank hiked rates. The focus now shifts to the Bank of England meeting next week.
Sensex opened flat at 66,266.35 against the previous close of 66,266.82 but plunged 388 points to hit its intraday low of 65,878.65. The index finally closed at 66,160.20, down 107 points, or 0.16 per cent. Nifty50 closed at 19,646.05, down 14 points, or 0.07 per cent.
HDFC Bank ended as the top drag on Sensex today, followed by Infosys, TCS and Axis Bank. Mid and smallcaps outperformed the benchmark index. The BSE Midcap index closed 0.55 per cent higher at 30,159.82 after hitting its record high of 30,178.22.
The Smallcap index rose 0.49 per cent to end at 34,548.46 after hitting its fresh record high of 34,577.99. While the equity benchmarks ended lower, as many as 238 stocks, including Apollo Hospitals, Bharat Electronics, Bharat Forge, Colgate Palmolive India, DLF, Dr. Reddy's Laboratories, GAIL, Lupin, Marico, NTPC, ONGC and Zomato, hit their fresh 52-week highs in intraday trade on BSE.
Read more on livemint.com
