After a weak start to the last trading week, the market rose on supportive global cues following the outcome of the US Fed meeting. Despite China’s Evergrande crisis, buying in realty stocks also fueled positive trends. Besides, strong exposure to DIIs and falling Covid-19 cases helped the Sensex close above 60,000 for the first time.
Indian benchmark indices Sensex and Nifty touched new fresh record highs of 60,333 and 17,947.65 respectively on September 24. However, last week the BSE Sensex closed 1,032.58 points (1.75 per cent) higher at 60,048.47, while the Nifty rose 268.05 points (1.52 per cent) to end at 17,853.20.
The BSE Large Cap index rose 1.3 per cent, supported by DLF, Indus Towers, Bajaj Finserv, Tata Motors – DVR, Larsen & Toubro Infotech and HCL Technologies. At the same time, Adani Transmission, Tata Steel, SBI Cards & Payment Services, Bank of Baroda and NMDC declined 5-15 per cent.
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The BSE Midcap index saw a gain of 0.59 per cent, with Godrej Properties, Oberoi Realty, Zee Entertainment Enterprises, Indian Hotels Company, GMR Infrastructure and Bajaj Holdings & Investment rising 11-34 per cent though New India Assurance Company, Jindal Steel & Power. And there was a decline in Bank of India.
BSE Small Cap Index closed flat. 20 each in V2 Retail, Acrysil (India), Cantabil Retail India, Marathon Nextgen Realty, HLE Glascoat, Gujarat Themis Biosyn, Gujarat Alkalies, TGV Sraac, Gujarat Narmada Valley Fertilizers & Chemicals, Zee Media Corporation, Man Infraconstruction and Chalet Hotels The percentage jump was seen while BLS International Services, Hexa Tradex, Jaiprakash Associates, Balmer Lawrie Investment, AGC Networks, Gateway Distriparks, Prime Focus and Easy Trip Planners saw a slippage of 10 to 24 per cent.
In the last trading week, Reliance Industries showed the biggest gain in terms of market value on the BSE Sensex, followed by Infosys, Bajaj Finserv, HCL Technologies. Tata Steel and SBI, on the other hand, suffered the most in terms of market value. (Disclaimer: Network 18 Media & Investment Ltd. is owned by Independent Media Trust. Its beneficiary company is Reliance Industries.)
Looking at the sectoral indices, Nifty Realty Index outperformed other indices by over 20 per cent and Media Index with a gain of 11 per cent. On the other hand, Nifty Metal and PSU Bank indices fell by 3-4 percent.
Foreign institutional investors (FIIs) sold shares worth Rs 8.38 crore while domestic institutional investors (DII) bought shares worth Rs 3,048.3 crore in the last trading week. However, in the month of September so far, FIIs have bought shares worth Rs 7,137.72 crore and DIIs have bought shares worth Rs 1,030.37 crore.
In the last week, the Indian rupee fell by 21 paise to close at 73.69 on September 24 as against 73.48 on September 17.
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