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Nifty at all-time high on foreign buying, higher Asian stocks
Nifty At All-Time High on Foreign Buying, Higher Asian Stocks. The Nifty rose to a record high on Wednesday, led by gains in blue-chips such as ICICI Bank(ICBK.NS) on continued foreign-investor buying, while higher Asian shares also helped sentiment.
The Nifty rose to a record high on Wednesday, led by gains in blue-chips such as ICICI Bank(ICBK.NS) on continued foreign-investor buying, while higher Asian shares also helped sentiment.
The broader index rose as much as 0.53 percent to hit a record high at 7,809.20, surpassing its previous all-time high of 7,808.85 hit on July 8.
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The BSE Sensex rose as much as 0.62 percent to 26,188.64, just shy of its all-time high at 26,190.44
Indian shares have risen 27.44 percent in U.S. dollar terms this year, the second best performer in Asia, helped by strong foreign flows on expectations the new government headed by Prime Minister Narendra Modi would usher in reforms and effect a rebound in Asia's third largest economy.
Overseas investors bought Indian shares worth 4.12 billion rupees ($68.6 million) on Tuesday, marking inflows of $620.86 million over five consecutive days of buying, exchange and regulatory data showed.
Investors say further gains would depend on the execution of reforms by the newly elected government, progress of the monsoon and the Reserve Bank of India's next policy review on Aug. 5.
"The markets will likely continue to focus on issues like monsoons, global economy and quarterly results in the short term. Off-budget action on budget initiatives will sustain the confidence of the markets over the medium term," said Dipen Shah, head of private client group research at Kotak Securities.
Shah expects the RBI to keep rates steady until inflationary pressures ease significantly.
Gains also tracked higher Asian stocks on Wednesday as risk aversion triggered by recent geopolitical tensions continued to ebb.
Among the major blue-chips, ICICI Bank shares rose 1.5 percent, while software exporters Infosys Ltd (INFY.NS) and Tata Consultancy Services Ltd (TCS.NS) were up 2.4 percent and 1.6 percent respectively.
Hindalco Industries (HALC.NS) gained 2 percent.
Bank of Baroda (BOB.NS) gained 3 percent after the RBI removed the stock from its caution list, making it eligible to be bought by foreign investors in the primary and secondary markets.
However, ING Vysya Bank (VYSA.NS) fell 3.4 percent after April-June net profit declined 18 percent from year earlier.
