Market Wrap Today: Mid, Small Caps prevail despite weak global cues as the Sensex-Nifty end lower

 

The Sensex fell 107 points, or 0.16%, to settle at ₹66,160.20 on the stock market today. Nifty-50 decreased 14 points, or 0.07%, to close at ₹19,646.05. Small- and mid-cap stocks performed better than the benchmark index

The Sensex and the Nifty, two domestic equity benchmarks, both closed the day down, extending their losses for a second straight session in response to weak global indications.

According to the media sources, investors stopped for air on Friday as they analyzed Japan's monetary policy actions and the United States' and Europe's inflation data in the hopes of finding additional evidence to persuade central banks to stop their cycle of rate hikes. In controlling interest rates, the Bank of Japan has modified its strategy. They eased off on their efforts to maintain long-term interest rates low and made their policy more nimble.

The US Fed and the European Central Bank both raised interest rates this week. The Bank of England meeting the following week will now be under the spotlight.

Market Today

In contrast to the previous closing of ₹66,266.82, the Sensex began unchanged at ₹66,266.35. It then fell 388 points to reach its intraday low of ₹65,878.65. Finally, the index dropped 107 points (0.16%), to settle at 66,160.20. Nifty-50 decreased 14 points (0.07%), to close at ₹19,646.05. Today's top Sensex drag was HDFC Bank, which was followed by Infosys, Axis Bank and TCS.

Small and mid-cap stocks performed better than the benchmark index. After reaching an all-time high of ₹30,178.22, the BSE Midcap index closed 0.55% higher at ₹30,159.82. After setting a new record high of ₹34,577.99, the Smallcap index increased by 0.49% to close at ₹34,548.46.

As many as 238 equities, including GAIL, Zomato, Marico, Apollo Hospitals, Bharat Electronics, Bharat Forge & Colgate Palmolive India etc., reached new 52-week highs in intraday trade on the BSE, despite the fact that the market benchmarks ended lower.

The Nifty fell 0.5 percent, while the Sensex fell 0.8% for the week. This week, the BSE Midcap index increased by 2.07% and the Smallcap index increased by 1.18.

- Adarsh Agarwal