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Sensex rallies on heavy buying, breaches 50,500 mark
Dubai - Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs25 billion on Wednesday.
Amongst sectoral indices, PSU banks, metal, FMCG and auto indices were the major gainers. — PTI
India’s equity indices closed high on Thursday as bulls took the intraday dip as a buying opportunity to breach 50,500 mark. The Sensex closed at 50,614.29, higher by 358.54 points or 0.71 per cent from its previous close of 50,255.75.
The Nifty50 or the National Stock Exchange closed at 14,895.65 up 105.70 points or 0.71 per cent against the previous close of record of 14,789.95. It touched recorded a close of 14,868.85 on Wednesday. Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs25 billion on Wednesday, according to exchange data.
Amongst sectoral indices, PSU banks, metal, FMCG and auto indices were the major gainers and buying momentum was triggered after the market opened on a flat note due to profit booking. Market breadth also remained strongly in favour of advancing counters for fourth consecutive session.
“Nifty index opened flattish and some profit booking decline could be seen in the initial hour. But the bulls took the intraday dip as a buying opportunity and pulled the index above 14850 levels,” said Jay Purohit, Technical & Derivatives Analyst, MOFSL.
“Bank Nifty opened gap down and consolidated in a range in the initial hour of trades. But traders continued their buying momentum of the last three sessions and as a result, BankNifty registered a new all-time high of 35062 levels.”
According to Gaurav Garg, Head Research, CapitalVia Global Research: “Asian markets came under pressure on Thursday due to mixed US session and investors’ panic regarding the chaos driven by Game Stop.”
Meanwhile, the Indian rupee ended unchanged at 72.96 (provisional) against the US dollar on Thursday even as the domestic equity markets scaled fresh highs. At the interbank forex market, the local unit opened at 72.92 against the greenback and witnessed an intra-day high of 72.90 and a low of 72.96.
It finally ended at 72.96 against the American currency, unchanged from its previous close. The dollar index, which gauges the greenback’s strength against a basket of six currencies, advanced 0.28 per cent to 91.42.
The rupee is trading in a narrow range as market participants are looking ahead to cues from the Monetary Policy Committee decision due this week and the outlook on the economy by the central bank, analysts said.
— With inputs from agencies, sandhya@khaleejtimes.com
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