Mumbai: Mid and small cap stocks led the gains on Wednesday while most Nifty50 stocks ended in the red. The Sensex settled marginally lower from 42,000, which the benchmark surpassed earlier in the day.
Investor sentiments were positive globally after the US on Wednesday signed the first phase of a trade deal with China partially ending an expensive trade war.
The Sensex closed 59.83 points higher at 41,932.56 after touching a record high of 42,059.45. It opened higher at 41,924.74 from its Wednesday’s close of 41,872.73. The Nifty closed at 12,356.25, higher by 12.95 points.
The broader Nifty also touched a lifetime high of 12,389.05 earlier in the day.
“Nifty traded dull and settled almost on a flat note after oscillating in a range. However, the continued buoyancy in the midcap and small caps saved the day for the traders. Mostly sectoral indices traded in tandem with the benchmark index and ended unchanged,” said Ajit Mishra of Religare Broking Ltd.
Vinod Nair of Geojit Financial Services said that the completion of the US-China deal and sudden jump in consumer inflation and NPAs in India are impacting the main indices.
BSE MidCap closed 0.77 per cent higher while the SmallCap index gained 0.78 per cent. However, 29 Nifty50 stocks ended lower and 20 advanced.
“But broad market is still very solid in expectation of re-rate in valuation supported by revamp in earnings growth,” Nair added.
