Page 5 - Nifty Microcap News Today

An extraordinary bullishness has gripped a segment of the Indian market. On Monday, the benchmark index Nifty 50 crossed 20,000, braving many negatives such as selling by Foreign Institutional Investors, high bond yields in the US and falling global liquidity.

The fund is neither a return-maximisation proposition nor a risk-optimisation proposition as it is very thinly spread among 750 stocks.

Analysts attribute this strong divergence of performance between two pockets of the market to a combination of solid corporate earnings and active participation of both local and institutional investors in the India growth story which goes well beyond bluechips.

By 9.30 am, key indices slipped in negative, as Sensex was trading 19.28 points, or 0.03 per cent to trade at 65,200.75, and Nifty50 was flat at 19,396.95.

Except for the PSU Bank index, all sectoral indices were trading in green, as Nifty IT rallied 0.87 per cent, Nifty Metal gained 0.77 per cent.

By 9.40 am, Sensex was trading 238.14 points, or 0.37 per cent down at 64,912.88, while Nifty50 was down 77.20 points, or 0.40 per cent to trade at 19,288.05.

The share of passive assets as a percentage of total assets under management has risen to 16% in July 2023 from 6% in July 2019, according to a Franklin Templeton Mutual Fund report.

FMCG stocks were the top drags, as the sectoral index slipped 0.56 per cent, followed by the IT index at 0.34 per cent, Oil & Gas at 0.27 per cent, and Nifty Financial Services down at 0.23 per cent.

Reserve Bank of India Governor Shaktikanta Das said that the headline inflation after reaching a low of 4.3 per cent in May 2023, rose in June and is expected to surge during July and August, led by vegetable prices.

By 9.26 am, Sensex was trading 328.89 points, or 0.50 per cent higher at 65,569.57, while Nifty50 was up 108.65 points, or 0.56 per cent to trade at 19,490.30.