Sensex, Nifty end week with minor gains; broader markets rally

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In a truncated week domestic benchmark equity indices logged small gains. During the week ended Thursday,  September 9, 2021, the Sensex rose 175 points or 0.30% to settle at 58,305. The Nifty 50 index gained 45 points or 0.26% to settle at 17,369. On the other side, the broader markets outperformed as the BSE MidCap index added 323 points or 1.33% to settle at 24,705. The BSE SmallCap index advanced 339 points or 1.24% to settle at 27,645.

Week that was

Key benchmark indices advanced on Monday, September 6, 2021, supported by firm global stocks. Hopes of continued economic support by the Fed Reserve due to weak US job data and talks of more stimulus in Japan and China boosted global shares. The barometer index, the S&P BSE Sensex, added 166 points or 0.29% to 58,296. The Nifty 50 index advanced 54 points or 0.31% to 17,377.

The benchmarks indices snapped their three-day rising streak and ended almost flat after a volatile session on Tuesday, September 7, 2021. The Nifty closed above the 17,350 mark. The barometer index, the S&P BSE Sensex, shed 17 points or 0.03% to 58,279. The Nifty 50 index lost 15 points or 0.09% to 17,362.

Key equity indices ended flat after a volatile trade on Wednesday, September 8, 2021 tracking negative global cues. The S&P BSE Sensex, dropped 29 points or 0.05% at 58,250. The Nifty 50 index fell 8 points or 0.05% to end at 17,353.

The domestic equity barometers ended higher on Thursday, September 9, 2021. The barometer index, the S&P BSE Sensex, advanced 54 points or 0.09% to 58,305. The Nifty 50 index added 15 points or 0.09% to 17,369.

The markets will remain closed on Friday, September 10, 2021 on account of Ganesh Chaturthi.

Economy

India’s foreign exchange reserves rose by $16.663 billion to touch a record high of $633.558 billion in the week ended August 27, 2021, the Reserve Bank of India (RBI) data showed. According to RBI data, forex reserves rose to a record $633.558 billion, mainly due to an increase in Special Drawing Rights (SDR) holdings.

In the reporting week ended August 27, 2021, the country’s SDR holdings rose by $17.866 billion to $19.407 billion, according to weekly data released by the Reserve Bank of India (RBI) on Friday.

Foreign currency assets (FCAs), a major component of the overall reserves, fell by $1.409 billion to $571.6 billion in the reporting week. Gold reserves rose by $192 million to $37.441 billion. The country’s reserve position with the IMF rose by $14 million to $5.11 billion in the reporting week, the data showed.

The union cabinet has approved a production-linked incentive (PLI) scheme for textiles for man-made fibre (MMF) apparel, MMF fabrics and 10 segments/products of technical textiles with a budgetary outlay of Rs 10,683 crore.

It is estimated that over the period of five years, the PLI scheme for textiles will lead to a fresh investment of more than Rs 19,000 crore, cumulative turnover of over Rs 3 lakh crore will be achieved under this scheme and, will create additional employment opportunities for more than 7.5 lakh jobs in this sector and several lakh more for supporting activities.