Market Wrap: Sensex, Nifty settle at fresh closing highs, rise almost 2% for the week; mid, smallcaps underperform
HDFC Bank, TCS and Mahindra and Mahindra, as sentiment remained upbeat tracking positive global cues after recent data signalled China's economy could see a revival. “Fresh data showed Chinese gauges of retail sales and industrial output for August topped economists' expectations," reported Reuters. Besides, expectations are getting stronger that major central banks of the world will end their monetary tightening campaign considering the impact of hikes so far on the economy.
The European Central Bank (ECB) hiked its key interest rate to 4 per cent on Thursday. Focus now has shifted to the US Fed meeting outcome on coming Wednesday. Frontline indices the Sensex and the Nifty hit their fresh record highs of 67,927.23 and 20,222.45, respectively, on Thursday.
Sensex closed at 67,838.63, up 320 points, or 0.47 per cent, while the Nifty settled at 20,192.35, rising 89 points, or 0.44 per cent. Thus, both indices ended at their fresh closing highs. Mid and smallcaps underperformed the benchmarks.
The BSE Midcap index inched up by 0.09 per cent while the BSE Smallcap index rose 0.27 per cent. As many as 236 stocks, including Axis Bank, Bharti Airtel, HCL Tech, Mahindra and Mahindra, TCS, Tech Mahindra, Wipro and UtraTech Cement, hit their fresh 52-week highs in intraday trade on BSE. The overall market capitalisation of the firms listed on BSE rose to nearly ₹323.4 lakh crore from ₹322.2 lakh crore in the previous session, making investors richer by nearly ₹1.2 lakh crore in the single session.
For the week, both the Sensex and the Nifty rose almost 2 per cent each. On the flip side, the BSE Smallcap index fell over a per cent and the Midcap index declined by half a per cent for the week ended September 15. Meanwhile, crude
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