Markets scale new peaks on rising foreign fund inflows

Foreign institutional investors pumped in a net of Rs 1,288.6 crore in Indian equities on Wednesday lifting the stocks.

By: ENS Economic Bureau | New Delhi | Published:September 4, 2014 4:37 am

Buoyed by strong inflows of foreign funds and rise in global markets, the benchmark Sensex at the Bombay Stock Exchange surged for the ninth straight trading session on Wednesday, gaining 120 points or 0.45 per cent to close at a fresh peak of 27,139.94.

The broader Nifty at the NSE rose by 31.55 points to close at 8,114.60 points. Rise in IT, technology and realty stocks lifted the markets. The IT index at BSE rose by 2.5 per cent followed by the technology index that was up by 2.2 per cent. Infosys was the biggest Sensex gainer as the scrip rose by 3.4 per cent. Wipro and TCS gained 3 per cent and 2.5 per cent, respectively.

Foreign institutional investors pumped in a net of Rs 1,288.6 crore in Indian equities on Wednesday lifting the stocks. Softening of global crude prices, too, boosted domestic markets sentiments as the Nifty hit an intra-trade high of 8,141.90 points, while the Sensex hit a lifetime high of 27,225.85 during the day.

On the global front, while Hong Kong’s Hang Seng jumped 2.3 per cent, Shanghai Composite rose by 1 per cent. The European markets were up by over 1 per cent. While the CAC-40 in France picked up 1 per cent, Russia’s benchmark MICEX jumped 3.5 per cent and Dax in Germany rose 1.3 per cent on Wednesday.

“Global markets showed positive signs as tensions in Ukraine eased. Softer crude oil prices further maintained positive momentum on the bourses,” said Nidhi Saraswat, senior research analyst, Bonanza Portfolio.

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