Market Wrap: Sensex, Nifty rise almost 3% in six days; investors' wealth swell by over ₹11 lakh crore
global market atmosphere, domestic stock market indices the Sensex and the Nifty managed to close higher for the sixth consecutive session on Friday. Over the course of these six sessions, both indices have surged by nearly 3 per cent each, leading to a wealth gain of more than ₹11 lakh crore for investors. Market benchmark Sensex remained in the green for the entire session on Friday despite weakness in the global market.
US stock futures, dollar and Treasury yields slipped amid expectations that the Fed will keep interest rates unchanged in its September meet. Top European markets, including the UK's FTSE, France's CAC and Germany's DAX traded with significant losses when the Sensex closed. Experts point out that the domestic market is rising on buying by retail investors amid a healthy macro environment.
The coming few weeks will see the monetary policy meeting of the European Central Bank, Federal Reserve and Bank of England which will set the mood of the market. Sensex opened at 66,381.43 against the previous close of 66,265.56 and rose 501 points to hit the intraday high of 66,766.92. The index closed 333 points, or 0.50 per cent, higher at 66,598.91 while the Nifty closed the day at 19,819.95, up 93 points, or 0.47 per cent.
The BSE Midcap index closed with a strong gain of 0.92 per cent at 32,672 after hitting its fresh record high of 32,692.74 during the session. The BSE Smallcap index also hit its fresh record high of 38,369.21 during the session but ended at 38,266.53, up 0.43 per cent. In the last six sessions of gains, Sensex has risen 2.73 per cent while Nifty has risen 2.94 per cent.
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