For the Indian Equity Benchmark Index, the shortened trading week witnessed a solid rise as both Sensex and Nifty landed at each trading session of the week and ended at record highs.
The 30-share S & P BSE Sensex broke the psychological 61,000 mark for the first time on Thursday, ending the week at 61,305.95. Thursday’s rate of increase was 568.90 points (0.94%), but weekly rate of increase was fixed at 1,246.89 points (a little over 2%).
The wider 50-share Nifty finished the week with a record high of 18,338.55 after scoring 176.80 points on Thursday. Due to Dusshera, the market will be closed on Friday.
Market participants attributed this to a combination of domestic factors, as the global market remained significantly restrained in major markets such as the United States, Hong Kong, South Korea and Japan, with negative trends in the past month. rice field.
Yessha Shah, Head of Equity Research at SAMCO Securities, believes that recent liquidity support from domestic and foreign institutional investors and liquidity support from individual investors has boosted sentiment.
September saw the highest FPI inflows since June, with record flows through systematic investment plans or SIPs.
“The surge in the benchmark index was driven by this unified confidence in the Indian market, in addition to the timely softening of CPI inflation as predicted by the central bank,” said Shah.
“We were pushed by the improvement of certain high-frequency economic indicators such as electricity consumption, rail freight, and e-way bills. Some call this rise a fluidity-driven rally, but it’s a greedy cycle. Yes, and regardless of fundamentals, the fact remains that investors are making significant profits across the stock. “
A date released by the Ministry of Commerce and Industry on Thursday shows that India’s overall exports (combined goods and services) increased 21.44 percent year-on-year to $ 54.06 billion in September 2021. I did.
Meanwhile, IT stocks have been in the limelight this week as sector tycoons such as Infosys, Wipro and HCL Technologies have announced the results. Wipro rose just over 9% in a week, while Infosys was almost flat. The BSE IT index has also fallen by about 2% in the last five trading sessions.
Zee Entertainment Enterprises continued the news as the fierce language battle between promoters and the company’s largest shareholder, Invesco, continued. However, stocks have risen nearly 7% in the last five trading sessions.
Going forward, market participants expect the bullish trend to continue, backed by liquidity support and positive support from earnings.
Next week, companies such as Ultratech Cement, L & T Infotech, Rallis India, Havells India, L & T Finance, Yes Bank and Mahindra Holidays will announce the results.
Read also: Sensex reaches 61,000! What do you expect in the future?
Also read: Sensex closes above 61k for the first time, Nifty scales fresh peaks
Steady rise in the week and record high
Source link Steady rise in the week and record high