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Nifty ends above 18k mark
Key market indices edge down on profit booking
Stocks rally for 4thstraight session on FII buying; Retail investor participation further added to momentum
Mumbai: Equities rallied for the fourth straight session on Tuesday with BSE Sensex jumping 455 points and NSE Nifty closing above the key 18,000-mark for the first time since April as foreign institutional investors (FIIs0 remained bullish on the domestic market. The Sensex surged 455.95 points or 0.76 per cent to close at a five-month high 60,571.08 points and 24 constituents of the 30-share index ended in the green.
In a reflection of strong investor sentiments, the broader Nifty climbed 133.70 points or 0.75 per cent to settle at 18,070.05 points. Previously, the Nifty had closed above the 18,000-mark on April 4 this year. In four consecutive sessions, Sensex has gained over 1,540 points or 2.59 per cent, while Nifty has risen by 445 points or 2.9 per cent. Analysts said the market rally was primarily driven by FIIs, who have turned net buyers of domestic equities. Retail investor participation also added to the momentum. FIIs continued to invest in domestic equities, mainly in financial and FMCG shares.
"The ongoing market rally is primarily driven by the sudden reversal of FII strategy: from relentless sellers to relentless buyers. Retail investor support and fundamental support to the market from a strong economy are aiding the rally," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
FIIs pumped in Rs 2,049.65 crore into the domestic equities on Monday, according to data available on BSE. "Markets started the week on a firm note and gained over half a per cent, in continuation of the prevailing trend," said Ajit Mishra, V-P (research) at Religare Broking Ltd.
"The global markets have recently joined the rally ahead of the release of US inflation data, as the market expects further ease in inflation, which would help the Fed take a less hawkish stance. Although the domestic CPI at 7% indicates a rising inflation trend due to increased food prices, core inflation of 5.9 per cent offers some solace," Vinod Nair, head (research) at Geojit Financial Services.
