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Mumbai, Nov 1 (IANS) Despite market volatility due to continued selling by foreign investors, mixed quarterly earnings (Q2 earnings), global geopolitical uncertainty and the US Fed rate cut decision, the domestic broader market closed higher for the second consecutive week.
BSE Midcap and Smallcap indices rose 1 per cent and 0.7 per cent respectively. Reflecting the same trend, Nifty Midcap 100 rose 1 per cent and Nifty Smallcap 0.7 per cent during the week.
Despite declines in Sensex and Nifty50, major sectoral indices remained strong during the week. Nifty PSU Bank index jumped 4.7 per cent, followed by Oil & Gas (3 per cent), Nifty Metals (2.5 per cent), and Nifty Energy (1.8 per cent). On the other hand, Nifty Pharma, Nifty Auto and Private Bank indices fell up to 1 per cent each, reflecting selective profit-booking in consumer sectors.
Sensex and Nifty ended their four-week winning streak this week and closed marginally lower amid profit-booking and mixed global cues.
NSE Nifty and BSE Sensex fell 0.65 and 0.55 per cent to close at 25,722 and 83,938 respectively.
Optimism in the market increased during the first three sessions on positive domestic economic data and China approving the import of rare earth magnets by a small number of Indian companies.
However, sentiment turned cautious after the US Federal Reserve cut its benchmark interest rate by 25 basis points to the range of 3.75-4 per cent.
For the 28th consecutive week, domestic institutional investors (DIIs) remained heavy buyers, buying shares worth Rs 18,804.26 crore, while foreign institutional investors (FIIs) continued to sell shares worth Rs 2,102 crore.
In contrast to strong DII buying of Rs 52,794.02 crore, FII selling declined to Rs 2,346.89 crore on month-on-month basis.
–IANS
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