Report also noted that the country’s external position is viable and well-buffered to sustain a pick-up in non-oil non-gold imports as growth gathers momentum. FII inflow has improved post a muted trend seen last week awaiting the FED chair’s speech last Friday. Japanese market coming off a strong surge of last session, ended modestly in red, as the yen’s retreat halted owing to better-than-expected economic data and increased doubts over US rate hike this year.
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The second-line midcap and smallcap companies also witnessed heavy buying; however, the telecom sector saw selling.
“Sentiments got a boost with the latest statement from the Reserve Bank of India (RBI), sharing optimism over the growth prospect in this fiscal”.
The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 28,372.25 points, traded at 28,510.40 points (at 2.45 p.m.) – up 167.39 points, or 0.59 per cent from the previous close at 28,343.01 points. Nifty rose by 136.90 points, its highest close since it ended at 8,750.20 on April 15, 2015.
Nifty 50 and BSE Sensex are the two most widely tracked indices when it comes to indian equities.The one year performance for Nifty 50 is 8.32 per cent and that for BSE Sensex is 8.44 per cent. The Sensex had closed at 28,370.84 on July 23, 2015.
On Tuesday, both the key indices had closed with substantial gains on the back of positive global cues, strong buying support and an appreciating rupee.
Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 286.52 crore on Monday as per provisional data released by the stock exchanges.
All sectoral indices barring Nifty IT were in the green.
The BSE Mid-Cap index and the BSE Small-Cap index both provisionally gained by 0.80 and 1.02 per cent, respectively.
Finally, the month-long consolidation phase in Nifty ended with a decisive break above 8,700 on Tuesday.
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Following the sharp rally in stocks, investor wealth rose by Rs 1,39,948 crore to Rs 1,10,70,610 crore. Among losers were NTPC (1.02%), ONGC (-0.85%), Tata Consultancy Services (-0.84%), Infosys (-0.45%) and Wipro (-0.03%).
