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On the NSE too the Nifty scaled a new life peak at 19,202 points, and closed a tad off that high at 19,189, up 217 points, or 1.1%.
In the last three sessions, the sensex has gained nearly 1,750 points, or 2.8%, to its Friday level as auto and IT stocks led the rally.
The day’s session also took investors’ wealth, measured by BSE’s market capitalisation, to a new peak at Rs 299 lakh crore, up Rs 2.5 lakh crore on the day, official data showed.
Foreign portfolio investors (FPIs) were at the forefront of the current rally. In the last two sessions, FPIs have net pumped in over Rs 21,000 crore into Indian stocks, data from CDSL and BSE showed. This translates to over $2.5 billion worth of net inflow in just two sessions. However, a large part of this inflow- about $1 billion- was due to block sales by Adani Group’s promoters to some select US-based funds led by GQG Partners.
Market analysts feel that despite strong fundamentals, lack of FPI support was deterring the indices to scale new highs. “Lack of global support had restrained the Indian indices from pursuing their record highs earlier, despite the presence of a resilient domestic macroeconomic background,” said Vinod Nair, head of research, Geojit Financial Services. “With positive surprises assisting buoyancy in the global market and the advance of the southwest monsoon, the domestic market succeeded in marching to new highs with renewed strength, ” he added.
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