INDIAN STOCK MARKET HITS RECORD HIGHS AMID RATE CUT SPECULATION

The key benchmark indices managed to end the week at new record highs for the third week in a row.

- RAJIV KAPOOR

The domestic equity markets edged higher for the week ended on Friday, 27 September with the S&P BSE Sensex jumping 1653 points or 1.99% to settle at 84544 levels.

On the other hand, the Nifty 50 index advanced 434 points or 1.71% to close at 25790 levels. No doubt, the Indian stock market has been firing on all cylinders after the US Fed rate cut of 50 basis points. However, the breadth of the market remained weak during the last trading sessions on the back of higher volumes in index heavyweight stocks while the Mid Cap and small-cap stocks faced profit-booking and selling pressure.

On the other hand, the Domestic Institutional Investors remained net buyers and were seen supporting the markets at periodic intervals. However, the Foreign Institutional Investors turned net sellers in the cash and derivative segment. The sentiment of the market has turned euphoric leading to a left-out feeling among traders and investors.