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With renewed interest from foreign investors, Indian markets rallied on Tuesday, hitting new 52-week highs. The Sensex rose over 440 points to 28,343 while the Nifty shot up over 1.5 per cent to settle at 8,744.35.
Foreign institutional investors bought net equity of ₹390.63 crore on Tuesday while domestic institutions picked up net equity of ₹485.14 crore. Retail investors used the rally to sell net equity of ₹115.37 crore on the BSE.
All sectoral indices closed in the green, with the Bank Nifty up 1.6 per cent. Auto, FMCG and IT stocks made the biggest gains.
“Renewed interest from FIIs helped the indices break free of the range seen all through August. This seemed to have attracted further participation from those waiting for a clearer signal. The positivity was not isolated as market breadth was strong with at least two shares advancing for every share declining on the NSE,” said Anand James, Chief Market Strategist, Geojit BNP Paribas Financial Services.
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