Riding the FII wave, Nifty finally edges past 9K-markhttps://indianexpress.com/article/business/business-others/riding-the-fii-wave-nifty-finally-edges-past-9k-mark/

Riding the FII wave, Nifty finally edges past 9K-mark

Sensex inches towards 30,000 mark, closes at 29,593.7.

Witnessing a strong inflow from the foreign institutional investors in the Indian equity markets on Tuesday, the benchmark Nifty at the National Stock Exchange rose for the fourth straight trading session and breached the 9,000 mark for the first time ever. It eventually closed at an all-time high of 8,996.3.

The Sensex at the Bombay Stock Exchange, however, was still short of its all-time high by 88 points and closed the day at 29,593.7 gaining 0.46 per cent. It is inching towards the 30,000 mark.

While the Nifty breached the 7,000 mark for the first time on May 12, 2014, it took almost four months for it to hit the 8,000 mark (September 1, 2014). From there, it took six months for Nifty to hit Tuesday’s milestone.

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Over the last 10 months, Nifty has gained over 28 per cent. While the domestic institutional investors turned net sellers on Tuesday and sold equities worth net of Rs 304 crore, the FIIs came to the rescue and invested a net of Rs 772.9 crore.

The biggest Nifty gainers during the day were TCS and Reliance Industries as the two stocks rose by 4.3 and 4.2 per cent respectively. The other major gainers include Bank of Baroda, Jindal Steel and PNB who rose between 2.7 and 3.3 per cent. At the Bombay Stock Exchange, while the Sensex gained 0.5 per cent during the day, the mid cap and the small cap indices rose by 1.18 and 1.4 per cent respectively during the day. Among the sectoral indices, the oil and gas and the IT indices rose by 2.2 and 1.5 per cent during the day.

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Meanwhile, the rupee continued its slide for the third straight session, falling 5 paise to end at 61.92 against the greenback following sustained demand for the American currency from importers and a better dollar in overseas trades. Widening fiscal deficit, which rose to Rs 5.68 lakh crore in April-January period, breaching the budget estimate by 107 per cent along with sluggish core data added some pressure on the rupee, said forex brokers.