After a consolidation, equity benchmarks managed to close higher for the third consecutive session on Friday, aided by technology, healthcare, metals and select auto stocks. Meanwhile, the week was very strong for the market, led by relief rally. The 30-share BSE Sensex gained 17.19 points at 28463.31 and the Nifty rose 1.80 points to 8609.85. The broader markets marginally outperformed benchmarks as the BSE Midcap and Smallcap indices advanced 0.2-0.4 percent. Experts believe the market has been in a broad consolidation range and that may continue in July at least.
For the week, the Sensex and Nifty rallied 3 percent each while the CNX Midcap Index climbed 3.5 percent after European Union cleared Greece's bailout package and clearance to composite FDI cap from cabinet. BSE FMCG Index gained the most among sectoral indices, up 8.8 percent followed by Bank Nifty, BSE Pharma, Oil & Gas, Auto and IT with 2-5 percent upside. Banking & financials stocks saw selling pressure today as investors awaited more clarity on composite FDI cap cleared by the cabinet on Thursday. For FII investment in banks, government's nod could be needed for any stake above 49 percent.
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