Market Wrap: Sensex, Nifty extend gains into fourth consecutive session despite weak global cues
Nifty closed higher for the fourth consecutive session on gains in shares of select heavyweights, including HDFC Bank ITC and Bharti Airtel. However, weak global cues curtailed gains for them as concerns over interest rate hikes and weakening global economic growth kept weighing on sentiment. Major European markets in the UK, France and Germany traded lower when the Sensex closed as recent subdued economic prints of China and Europe raised concerns about an economic slowdown.
While the world's economic outlook is turning gloomy, inflation remains elevated in most major economies which can cause interest rates to stay higher for a longer period of time. The domestic market is taking comfort from India's robust growth outlook and expectations of easing inflation in the coming months. However, the risk from a poor monsoon and rising crude oil prices loom.
Sensex opened 36 points lower at 65,744.19 against the previous close of 65,780.26 and traded lacklustre for most part of the day. The index saw fag end buying in some of its components which helped it close higher. Sensex closed 100 points, or 0.15 per cent, higher at 65,880.52 while the Nifty50 closed the day at 19,611.05, up 36 points, or 0.18 per cent.
In the last four sessions of gains, the equity benchmarks have risen nearly 2 per cent. BSE Midcap index ended with a gain of 0.13 per cent at 32,122.06 after hitting its fresh record high of 32,182.66 during the session. The BSE Smallcap index ended in the red, snapping the winning streak of the last seven consecutive sessions.
Read more on livemint.com
