Business

Sensex tops 66k 1st time on foreign fund buying – Times of India

By Jessica On Jul 14, 2023

MUMBAI: In a little over six months, the sensex and Nifty have gained 7% each with foreign funds being the main driving force. In early trade on Thursday, the sensex climbed above the 66,000 mark, a new life high, after a slower inflation print in the US lifted global stocks as chances of an end to the current rate hike cycle in the US increased. Profit booking at higher levels limited the sensex’s gain to 165 points, which closed at 65,559.

So far this year, foreign funds have net bought stocks worth a little over Rs 1 lakh crore, compared to a net Rs 1. 2 lakh crore net outflow in 2022, CDSL data showed.
On the NSE, the Nifty on Thursday gained 29 pointsto close at 19,414 points.
Infosys, ICICI Bank and TCS were the top three contributors to the sensex’s rise. Thursday’s rally was supported by contra bets on IT stocks which was supported by stable margins, new generation business opportunities and increase in pricing power due to moderation in the dollar, as latest US inflation is fast approaching the US Fed’s target levels, Vinod Nair of Geojit Financial Services said in a research note.
The lates ession profit booking was due to a mixed start to bank earnings, coupled with ongoing concerns about domestic inflation, Nair said. On Wednesday, data showed that retail inflation had jumped to a three-month high.

function loadGtagEvents(isGoogleCampaignActive) { if (!isGoogleCampaignActive) { return; } var id = document.getElementById('toi-plus-google-campaign'); if (id) { return; } (function(f, b, e, v, n, t, s) { t = b.createElement(e); t.async = !0; t.defer = !0; t.src = v; t.id = 'toi-plus-google-campaign'; s = b.getElementsByTagName(e)[0]; s.parentNode.insertBefore(t, s); })(f, b, e, 'https://www.googletagmanager.com/gtag/js?id=AW-877820074', n, t, s); };

window.TimesApps = window.TimesApps || {}; var TimesApps = window.TimesApps; TimesApps.toiPlusEvents = function(config) { var isConfigAvailable = "toiplus_site_settings" in f && "isFBCampaignActive" in f.toiplus_site_settings && "isGoogleCampaignActive" in f.toiplus_site_settings; var isPrimeUser = window.isPrime; if (isConfigAvailable && !isPrimeUser) { loadGtagEvents(f.toiplus_site_settings.isGoogleCampaignActive); loadFBEvents(f.toiplus_site_settings.isFBCampaignActive); } else { var JarvisUrl="https://jarvis.indiatimes.com/v1/feeds/toi_plus/site_settings/643526e21443833f0c454615?db_env=published"; window.getFromClient(JarvisUrl, function(config){ if (config) { loadGtagEvents(config?.isGoogleCampaignActive); loadFBEvents(config?.isFBCampaignActive); } }) } }; })( window, document, 'script', );

For all the latest business News Click Here 

Read original article here