Mumbai, Sep 28 || The Indian stock market continued to witness the bull run this week, marking a 1.7 per cent increase and the third consecutive weekly gain, with Sensex hitting 85,000 for the first time and Nifty trading at an all-time high.
The benchmark indices saw a phase of sector rotation. Large-cap stocks are receiving more inflows compared to mid and small-caps, which had been market favourites until recently.
Sectors like public sector banks, defence and railways, which saw heavy participation earlier, are gradually being overshadowed by under-performers such as pharma, private banks and mid-size IT.
These sectors, with their attractive valuations, are likely to lead the next market phase for the coming quarters, according to Krishna Appala from Capitalmind Research.
Metals took the spotlight, with CNX Metals rising by over 6 per cent, making it the best-performing sector, followed by CNX Auto, which gained 3.5 per cent.
The initial momentum in Bank Nifty following the Fed rate cut didn’t hold, leaving the index flat by the week’s end, said analysts.
Indian equity indices closed in the red on Friday as profit booking was seen at a higher level. At close, Sensex was down 264 points or 0.31 per cent at 85,571 and Nifty was down 37 points or 0.14 per cent at 26,178. Nifty Bank fell 541 points or one per cent to 53,834.