Market climbs record highs amid volatility, but rupee stays downhill

Market continued the winning run through the third week in a row ended September 15, hitting record highs supported by positive macro data, continued buying from domestic investors, fall in selling by FIIs in anticipation of no rate hike by Fed in the policy meeting next week.

In this week, the BSE Sensex gained 1.86 percent or 1,239.72 points to close at 67,838.63, and Nifty50 gained 1.87 percent or 372.35 points to finish at 20,192.30.

The BSE Large-cap Index added 1.7 percent supported by Punjab National Bank, Bajaj Auto, HDFC Asset Management Company, ICICI Prudential Life Insurance Company and Grasim Industries.

The BSE Small-cap index shed 1 percent dragged by BF Utilities, Agarwal Industrial Corporation, Sadhana Nitrochem, Federal-Mogul Goetze, Heritage Foods, Himadri Speciality Chemical, Sarda Energy and Minerals, Pokarna, Surya Roshni, Alok Industries, Stylam Industries, Bharat Dynamics, Elecon Engineering Company, Mrs. Bectors Food Specialities and Zee Media Corporation. On the other hand, ITI, GTL Infrastructure, Rane Madras, Andrew Yule and Company, Sintex Plastics Technology, Central Bank of India, Marathon Nextgen Realty, Transformers and Rectifiers India, V2 Retail and PDS rises 16-58 percent.

BSE Mid-cap Index fell 0.5 percent. Bharat Heavy Electricals, Supreme Industries, REC, Power Finance Corporation, Schaeffler India, 3M India and Castrol India down 7-12 percent. However, Indian Overseas Bank, SJVN, Bank Of India, Vodafone Idea and Glenmark Pharma up 10-20 percent.

Among sectors, Nifty PSU Bank index up 7.2 percent, Nifty Information Technology index rose nearly 3 percent, Nifty Bank index up 2.3 percent, Nifty Pharma and Auto indices up 2 percent each. On the other hand, Nifty Media index fell 3.6 percent and Nifty Oil & Gas index down 1 percent.

In terms of the market value, Tata Consultancy Services added the most in terms of market value, followed by Bharti Airtel, HDFC Bank and Infosys. On the other hand, Hindustan Unilever, NTPC and Asian Paints lost the most of their market-cap.

The selling from Foreign institutional investors (FIIs) continued in the eight consecutive week as they offloaded equities worth Rs 746.62 crore, while domestic institutional investors (DIIs) bought equities worth Rs 3,363.36 crore in this week.

The Indian rupee extended its losses as it closed above 83 mark. For the week the domestic units closed 24 paise lower at 83.18 on September 15 against its September 8 closing of 82.94.