nifty: Market Watch: Broader market outperforming Nifty | The Economic Times Podcast

Domestic equity benchmarks on Thursday closed near seven-week high levels, cushioned by FII buying and private lender IndusInd Bank after strong Q1 show, while the rupee weakness continued to dent sentiments. Buying was seen across segments as most of the counters settled with gains.

Continuing its gaining streak for the 5th straight session, Sensex advanced 284 points to close at 55,681.95. Nifty50 settled above 16,600.

On the sectoral front, except pharma, all indices settled in the green, with PSU bank, oil and gas, power and capital goods indices rising 1-2 per cent.

25 shares from the 30 share pack settled with gains, with IndusInd Bank rising over 7 per cent while Bajaj twins, Asian Paints, Tech Mahindra, L&T, Axis Bank, Power Grid, Nestle and Infosys also settled with gains of over 1-2 per cent each.

DRL, Kotak Mahindra Bank, Reliance, HDFC Bank and NTPC settled with cuts. FMCG major ITC crossed Rs 300/share for the 1st time since May 2019 while Hindustan Zinc and PVR also rose after Q1 results. Wipro cut early losses to trade up 0.5% on expectations of strong IT services revenue growth in the second quarter after its June-quarter profit fell about 21 per cent.

Tata Communications surged 10% after the company posted a jump in quarterly profit.

Global indices traded lower on rate hike worries as ECB in its meeting today, is expected to raise rates by 50 bps, while the Fed is expected to increase rates by 75 bps in the upcoming meeting scheduled next week.

Broader markets outperformed benchmarks as BSE midcap index added 1.2 percent and smallcap index jumped 0.9 per cent. The market breadth is skewed in the favour of bulls. About 2,001 stocks rose, 1,337 declined and 161 remained unchanged.

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