New Delhi: Indian benchmark indices ended the week in the green with gains seen in frontline as well as sectoral indices. The rally was supported by hopes of economic recovery amid falling Covid-19 cases and strong earnings performance in the June quarter.
According to SBI research report Ecowrap, India’s gross domestic product (GDP) is expected to grow at around 18.5 per cent with an upward bias in the first quarter of the current financial year.
While 30-stock Sensex rose 1.44% or 795.40 points to end at 56,124, Nifty gained 1.55% or 254.70 points to 16,705 during the week.
During the week, market cap of BSE-listed firms rose by Rs 5.63 lakh crore. Market cap on August 27 surged to an all-time high of Rs 243.73 lakh crore against market cap of Rs 238.10 lakh crore on August 20, 2021.
On Friday, benchmark indices closed at all-time highs amid mixed global cues. Sensex ended 175 points higher at 56,124 and Nifty gained 68 points to 16,705. UltraTech Cement was the top Sensex gainer, surging over 3 per cent, followed by L&T, Dr Reddy’s, Bajaj Finserv, Sun Pharma, TCS and Kotak Bank.
Infosys, IndusInd Bank, M&M, Nestle India and HCL Tech were among the top Sensex losers, falling up to 1.07%.
Sensex has risen 17.54% or 8,373 points and Nifty has climbed 19.48% or 2,723 points since the beginning of this year.
In a year, Sensex zoomed 43.49% or 17,011 points and Nifty clocked a stellar rally of 44.52% or 5,145.95 points.
On Sensex, Bajaj Finserv was the top gainer, rising 8.20% and Maruti Suzuki was the top loser, falling 3.53% during the week.
BSE midcap index climbed 2.54% or 575 points to 23,255, the small cap index gained 2.04% or 526 points to 26,284.
Vinod Nair, Head of Research at Geojit Financial Services said, “Tracking global events, domestic indices witnessed a volatile week. Renewed tension between China and US, fear of rise in Delta variant cases and the Fed Reserve’s Jackson Hole Economic Symposium on Friday led to the market trading cautiously. However, approval of the new Covid vaccine in the US fuelled optimism over its economic recovery. Mid and small cap stocks were in focus this week as value-buying led to a recovery in the sector leading to its outperformance.”
Among BSE sectoral indices, BSE capital goods index was the top gainer (pointwise) , zooming 3.92% or 922 points to 24,470 during the last five trading sessions.
Other key indices also ended in the green. While BSE IT index rose 513 points to 33,954, oil and gas index surged 5.16% or 813 points to 16,563. Bank Nifty rose 1.70% or 594 points to 35,627.