Sensex soars 448 points; Nifty crosses 18,000-level

PTI | | Updated on: Sep 13, 2022

26/08/2019 MUMBAI: A view of the BSE building in Mumbai, Monday, August 26, 2019. The BSE Sensex jumped over 700 points afternoon session. Photo. Paul Noronha | Photo Credit: PAUL NORONHA

The ongoing market rally is primarily driven by FII buying

Equities opened on a strong note on Tuesday with Sensex jumping nearly 450 points and the broader Nifty crossing the 18,000-level in the afternoon session amid continuing foreign fund inflows and positive global trends.

The 30 stock S&P BSE Sensex was trading 448.43 points or 0.75 per cent higher at 60,563.56 points at 1.37 pm against its previous day’s close at 60,115.13 points. The Sensex started the day in the positive at 60,408.29 points and surged to a high of 60,610.47 points in the intra-day. The Sensex is trading in the positive for the third consecutive session.

The broader Nifty 50 of the National Stock Exchange was trading 129.25 points or 0.72 per cent higher at 18,065.60 points against its previous day’s close at 17,936.35 points.

Asian markets, including South Korea and Hong Kong, were trading higher. On Monday, the US and European markets closed in the green territory.

Bajaj twins soared. Bajaj Finserv surged 3.88 per cent to Rs 1782.35. Bajaj Finance was trading 1.36 per cent higher at Rs 7387.50. HDFC surged 1.20 per cent to Rs 2450. HDFC Bank jumped 1.11 per cent to Rs 1508.75.

The index heavyweight Reliance Industries Limited was trading 0.79 per cent higher at Rs 2618.10.

Foreign Institutional Investors (FIIs) pumped ₹2,049.65 crore into domestic equities on Monday, according to data available on BSE.

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said the ongoing market rally is primarily driven by the sudden reversal of FII strategy.

"Retail investor support and fundamental support to the market from a strong economy are aiding the rally. Now, this has become a classic momentum driven market which has the potential to take the indices to new record highs soon," he said.

Brent crude futures, the global oil benchmark, fell 0.21 per cent to $93.80 per barrel.

On the domestic macroeconomic side, retail inflation rose to 7 per cent in August due to higher food and fuel costs while the factory output declined to a four-month low of 2.4 per cent in July, as per official data released on Monday.

Published on September 13, 2022
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