Sensex closes above 67k for 1st time on FPI buying – Times of India

MUMBAI: Another day, another high. Sustained foreign fund flow, along with a slew of factors like a robust start to the earnings season, rallying US market and good monsoon, lifted the sensex to close above the 67,000 mark for the first time. The index took just three sessions to rally from 66k to 67k — its second fastest 1,000 point rally.
The index on Wednesday gained over 300 points to close at 67,097. On the NSE, the broader Nifty too rallied to close at 19,833 points. This was the fifth consecutive session for both the leading indices— sensex and Nifty — to hit new life highs.
The markets have been hitting record highs daily over the last few sessions. “We expect this momentum to continue in the near term given buoyant domestic cues and receding global concerns. Marketson Thursday would react to the weekly option expiry and results of index heavyweight Infosys and HUL,” said Siddhartha Khemka of Motilal Oswal Financial Services.
The day’s gain in the sensex came on the back of buying in RIL, ITC, HDFC Bank and Bajaj Finance. On the other hand, selling in stocks like TCS and Bharti Airtel limited the gains partially.
Foreign funds were net buyers at Rs 1,165 crore while domestic funds were net sellers at Rs 2,135 crore, BSE data showed. So far in the month, foreign portfolio investors have bought stocks worth about Rs 38,000 crore, CDSL and BSEdata showed. The day’s gains also added about Rs 1. 4 lakh crore to investors’ wealth with BSE’s market capitalisation now at Rs 303. 9 lakh crore.
With the US market showing a good progress in midsession late on Wednesday,the domestic market is also expected to remain steady, market players said.
The rupee depreciated by 4 paise to close at 82. 1 against the dollar on Wednesday, weighed down by the rebound in the US currency and firm crude oil prices. Traders said sustained foreign fund inflows boosted investor sentiments and restricted the depreciating bias.