Benchmark indices just shy of record highs ahead of G 20 summit

Benchmark indices just shy of record highs ahead of G 20 summit

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New Delhi, September 8 (IANS) Benchmark Indices ended the week on Friday just a few percentage away from record highs ahead of the G20 Summit buoyed by good support from the Bank Nifty on positive newsflow from the RBI as well as the PSU & Infrastructure stocks, says S Ranganathan, Head of Research at LKP Securities.

At close, the Sensex was up 333.35 points, or 0.50 percent at 66,598.91, and the Nifty was up 93 points, or 0.47 percent, at 19,820.

Ranganathan said that despite a deficient monsoon, the mood in the market was optimistic as PSU stocks across sectors exhibited positive investor appetite.

Vinod Nair, Head of Research at Geojit Financial Services said global markets stumbled as they processed August's jobless claims data from the US and the rise in gas prices due to strikes in Australia, rekindling further slowdown.

The domestic market, however, showcased its resilience once more by rallying, seemingly unfazed by global distress signals. Although selling was seen in IT and pharma stocks due to weak global cues, the gains in infra, industrial, and capital goods stocks due to improved order inflows coupled with the persistent preference for mid- and small-cap stocks contributed to the ongoing rally, he said.