Benchmarks gain, broader market in pain: M-cap fell Rs 911 bn last week

Experts say the market rally is on a weak footing, largely being driven by banking stocks

The benchmark BSE Sensex and Nifty 50 indices gained about two-three per cent last week, their biggest weekly advance in nearly a year. The gains were on the back of sharp upmoves in banking and technology stocks, which have significant weigh in the benchmark indices. On an equal-weight basis, the benchmarks were up only a per cent. The broad market-based BSE 500 index, on the contrary, ended with nearly a per cent loss. Also, India’s total market cap fell Rs 911 billion last week, even as the

Sensex ended at a new all-time high. Overall, the market breadth was