Foreign portfolio investors acquired stocks worth Rs 2,073.2 crore, while domestic institutional investors remained net buyers in the last two sessions, purchasing stocks totalling Rs 4,797.1 crore, according to NSE data. Gold prices reached new highs in Monday’s Asian trading, driven by expectations of a potential Federal Reserve rate cut by March 2024
Mumbai:
Equity investors became richer by Rs 2.4 lakh crore as key benchmark indices Sensex and Nifty scaled new peaks in morning trade on Tuesday, amid persistent foreign fund inflows.
The 30-share BSE Sensex jumped 169.94 points, or 0.25 per cent, to a new peak of 69,035.06 in early trade. The broader index Nifty also climbed 52.60 points, or 0.25 per cent, to hit its all-time high of 20,739.40.
Following the rally, the market capitalisation of BSE-listed firms jumped by Rs 2.4 lakh crore to Rs 345.88 lakh crore in morning deals on Tuesday, from Rs 343.48 lakh crore on Monday.
Among the Sensex firms, Adani Enterprises and Adani Ports sustained their gaining momentum and traded higher by 4.40 per cent and 4.37 per cent, respectively. BPCL, Axis Bank, Mahindra & Mahindra and SBI were the other major gainers.
As many as 20 stocks of the 30-share benchmark were trading in the positive territory. Among Nifty stocks, 29 shares registered gains.
In six trading sessions, investors’ wealth has gone up by Rs 17.16 lakh crore.
In the broader market, the BSE midcap gauge jumped 0.54 per cent and smallcap index climbed 0.50 per cent.
The combined market valuation of all listed companies on the BSE reached the USD 4 trillion-milestone for the first time ever on November 29.
The market capitalisation of listed companies on the NSE has surpassed the USD 4 trillion (Rs 334.72 trillion) mark for the first time ever on Friday.
According to Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd, Indian equities celebrated BJP’s sweeping victory in the three states by rallying more than 400 points to hit fresh highs.
”The outcome overwhelmingly in favour of the incumbent BJP, strong macroeconomic data and easing global interest rate expectations boosted the market momentum. Nifty has rallied by 1,865 points or 10 per cent from its low of 18,837 made on October 23.
”We expect market sentiment to strengthen further as the ongoing pre-election rally is quite strong now. Given the government’s focus approach towards long-term capex across key areas, we expect BFSI, Industrials, Real Estate, Auto and Consumer Discretionary to do well going forward,” Khemka added.
Varun Aggarwal, founder and managing director, Profit Idea, said, “Oil prices remained stable on Tuesday amidst uncertainty surrounding OPEC+ voluntary output cuts and ongoing tensions in the Middle East, causing concerns about supply. Brent crude futures saw a modest increase of 13 cents, reaching USD 78.16 per barrel, while U.S. West Texas Intermediate crude futures rose by 18 cents to USD 73.22 per barrel”. Oil prices remained stable amid uncertainty surrounding OPEC+ voluntary output cuts and ongoing tensions in the Middle East. Brent crude futures saw a modest increase of 13 cents, reaching USD 78.16 per barrel, while US West Texas Intermediate crude futures rose by 18 cents to USD 73.22 per barrel.
In the currency market, the rupee initially gained ground but later retreated by 5 paise, settling at 83.38 against the US dollar on Monday.
Aggarwal said, “The rupee initially gained ground but later retreated by 5 paise to settle at 83.38 against the US dollar on Monday. This reversal was attributed to the recovery of the greenback in global markets and increased dollar buying by financial institutions”.
This reversal was attributed to the recovery of the greenback in global markets and increased dollar buying by financial institutions.
Aggarwal said, “Foreign portfolio investors acquired stocks worth Rs 2,073.2 crore, while domestic institutional investors remained net buyers in the last two sessions, purchasing stocks totalling Rs 4,797.1 crore, as per NSE data”.
Aggarwal stated, “Gold prices reached new highs in Monday’s Asian trading, driven by expectations of a potential Federal Reserve rate cut by March 2024. The rally was fueled by factors such as easing inflation, weaker labour market data, and a more moderate stance from the Fed”.
Foreign portfolio investors acquired stocks worth Rs 2,073.2 crore, while domestic institutional investors remained net buyers in the last two sessions, purchasing stocks totalling Rs 4,797.1 crore, according to NSE data. Gold prices reached new highs in Monday’s Asian trading, driven by expectations of a potential Federal Reserve rate cut by March 2024.