Sensex, Nifty Post First Weekly Loss In Three; FMCG, Pharma Outperform
Five-Day Losing Streak Ends
Indian equities ended higher as the FTSE Rebalancing led to the benchmark indices snapping a five-day losing streak.
The S&P BSE Sensex ended 1.3% at 49,858 while the NSE Nifty 50 index rose 1.3% to end at 14,744. Edelweiss Alternate Research expected inflows between $800-900 million into Indian equities on account of the rebalancing.
However, today's gains were not enough to prevent the benchmark indices to post losses for the week. Both Sensex and Nifty ended with losses of 2% for the week.
Among the sectoral indices, the recovery was heard by FMCG and Metal stocks. The Nifty FMCG index rose 2.4% while the Metal index gained 2.1% at the end of trade. The PSU Bank index rose 1.5% while the Pharma index gained 1.3%.
Broader markets ended higher but the Smallcap indices underperformed. The Nifty Midcap index ended 1.2% higher while the Smallcap index underperformed to end with gains of 0.7%.
The India Volatlity Index fell 0.5% to end at 20.
1,011 stocks on the NSE ended with gains while 868 stocks posted losses.