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MUMBAI: In their sixth consecutive session of gains, the benchmark sensex and broader Nifty on Thursday hit new life highs.
The sensex scaled a peak of 67,619 points mid-session and closed at record 67,572 as financial stocks led the rally, which has been continuing on D-Street for nearly four months. The sensex has surged more than 10,000 points from the year’s low of 57,527 seen on March 24.
The Nifty too jumped to a new high of 19,992 points and closed at 19,979 points, up 146 points. The Indian indices tracked US index Dow Jones, which notched its eighth straight session of gains on Wednesday, its longest winning streak since September 2019, Reuters reported.
Strong buying by foreign funds, good progress of the monsoon, a stable currency, the RBI’s proactive measures that have been successfully keeping a check on inflation, have all combined to take the index to new highs on a regular basis, market players said. Lately, a good start to the earnings seasonhas also supported the rally.
The market is witnessing frenzied buying support from foreign investors, and it’s just a matter of time that the Nifty will top the 20k mark, Shrikant Chouhan of Kotak Securities said. “Such has been the rally that some of the mild negative flows too are getting discounted in this bull run,” Chouhan said. Foreign investors have led the rally for the last four months Foreign portfolio investors have net infused nearly Rs 1. 5 lakh crore into the stock market since midMarch, data from CDSL showed. In the current month so far, FPIs have infused over Rs 40,000 crore. However, there could be some slowdown in the rally in the short run.
The sensex scaled a peak of 67,619 points mid-session and closed at record 67,572 as financial stocks led the rally, which has been continuing on D-Street for nearly four months. The sensex has surged more than 10,000 points from the year’s low of 57,527 seen on March 24.
The Nifty too jumped to a new high of 19,992 points and closed at 19,979 points, up 146 points. The Indian indices tracked US index Dow Jones, which notched its eighth straight session of gains on Wednesday, its longest winning streak since September 2019, Reuters reported.
Strong buying by foreign funds, good progress of the monsoon, a stable currency, the RBI’s proactive measures that have been successfully keeping a check on inflation, have all combined to take the index to new highs on a regular basis, market players said. Lately, a good start to the earnings seasonhas also supported the rally.
The market is witnessing frenzied buying support from foreign investors, and it’s just a matter of time that the Nifty will top the 20k mark, Shrikant Chouhan of Kotak Securities said. “Such has been the rally that some of the mild negative flows too are getting discounted in this bull run,” Chouhan said. Foreign investors have led the rally for the last four months Foreign portfolio investors have net infused nearly Rs 1. 5 lakh crore into the stock market since midMarch, data from CDSL showed. In the current month so far, FPIs have infused over Rs 40,000 crore. However, there could be some slowdown in the rally in the short run.
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