Sensex above 64,000, Nifty crosses 19,000 on strong environment, FII buying – Times of India

MUMBAI: Signs of a strong inward rally on Dalal Street have been there for the past few months, ever since foreign funds started buying Indian stocks aggressively since early May. However, global factors such as dovish statements from the US Fed, surprise rate hikes by European central banks and signs of impending economic weakness in China weighed on it. Sensex Decisively crossing its 6-month-old life-high 63,588-mark.
Finally, on Wednesday, the Sensex crossed the 64K mark in intra-day trade for the first time, and on profit-booking, it closed at 63,915, up 0.8% or 499 points, slightly below those lofty highs. Day. Also on NSE smelly Recorded its personal mark: For the first time, it crossed the 19K mark, but closed at 18,972, up 0.8% or 155 points from its previous close.

FPIs buy shares worth Rs 12,000 crore in a day
The Sensex’s all-time high was 64,050 while the Nifty’s all-time high was 19,011. Brokers and analysts said a combination of domestic and global factors are contributing to the market’s gains in the last few weeks. “Strong institutional inflows, healthy macros and robust earnings growth propelled the domestic (indices) to new highs,” said Siddharth Khemka, head of retail research at Motilal Oswal Financial Services.
Data from CDSL and BSE shows that foreign portfolio investors have infused over Rs 85,000 crore on a net basis since May. Last month, the government said India’s GDP grew at 6.1% in the March quarter, while tax collections – both GST and direct taxes – saw double-digit growth on an annual basis. Siddharth Khemka, Motilal Oswal said, “Furthermore, strong US consumer and domestic sales data calmed investor sentiment (in India). With the onset of monsoon and RBI freezing rates, we expect the market to recover.” The momentum will continue and it will continue to accelerate.” ,
Wednesday’s rally was led mainly by foreign funds. Net foreign fund inflows for the day stood at Rs 12,350 crore, one of the largest single-session figures in recent times. This was mainly due to over $1 billion buying of shares in Adani group companies, led by US-based Adani-Bull GQG Partners. However, BSE data showed that domestic funds were net sellers to the tune of Rs 1,021 crore.
Investor wealth added nearly Rs 2 lakh crore in the day’s session and the market capitalization of BSE now stands at Rs 296.7 lakh crore.
Going forward, market players expect a positive trend towards the Indian market.
Watch Indian stock indices hit new all-time highs; Sensex, Nifty up more than 1 percent