Market continues its rally for straight third week, Midcap and Smallcap outperform

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The Indian market continued its rally for the third week in a row, gained over 1 per cent this week. Nifty touched a new record high amid positive global and domestic cues, including encouraging US non-farm payroll data, RBI policy results and strong auto sales. The daily drop in coronavirus cases also kept the mood in favour of the market.

Meanwhile, this week, the combined value of all stocks traded in India crossed $3 trillion for the first time. India’s market cap has overtaken Germany’s last month market cap and is now knocking on the heels of Canada and France.

Market Overview

The BSE Sensex closed 677 points, 1.31 per cent higher at 52,100 this week, while the Nifty 50 closed 234 points, 1.52 per cent higher at 15,670. Nifty touched a new record high of 15,733, while Sensex also climbed close to its record level of 52,516 during the week.

Smallcap Index

The BSE Smallcap index jumped 12 per cent. PNB Housing Finance, PNB Gilts, Spandana Sporty Financial, Suzlon Energy, Religare Enterprises, Gujarat Fluorochemicals, Magma Fincorp, Reliance Communications and Kiri Industries rose 26-91 per cent. The worst performers included Unichem Laboratories, Genus Power Infrastructure, Advanced Enzyme Technologies and Mahanagar Telephone Nigam.

Midcap Index

The BSE Midcap index rose 10 per cent, with Adani Enterprises, LIC Housing Finance, JSW Energy, Future Retail, Muthoot Finance, Adani Power rose 15-30 per cent.

Largecap Index

The BSE Large-cap index was led by Oil and Natural Gas Corporation, NMDC, Adani Ports, Piramal Enterprises and Motherson Sumi Systems, which rose 6 per cent. Meanwhile, the worst performer included Mahindra & Mahindra, Aurobindo Pharma and ICICI Lombard General Insurance Company.

BSE Sensex Index

On the BSE Sensex, Reliance Industries Ltd added the most in terms of market value, followed by Bajaj Finance, Oil and Natural Gas Corporation and HDFC, in the past week. On the other hand, Infosys suffered the most in terms of market value.