The BSE benchmark Sensex crossed the psychologically crucial 20,000-mark and the NSE Nifty 6,000-level in the week, as foreign investors bet big on robust economic growth in India.
Foreign institutional investors (FIIs) are on a buying spree in India,one of the fastest-growing major economies. FII inflow in the current-month September totalled `18,649.23 crore till Sept 24.
Hefty FII-driven buying and higher Q2 advance tax payments from frontline companies underpinned the highly positive sentiment pre-vailing in the market. The government doubled foreign investment limits in government securities to $10 billion from $5 billion and increased the limit for corporate bonds to $20 billion from $15 billion, a move that also boosted the market sentiment.
Cumulative rainfall in the country between June 1 to Sept 22 was 4% above normal, a factory which added cheers in the stock market. The 30-share Sensex resumed lower at 19,445.42, but recovered immediately to cross the 20,000-mark to 20,105.54 before ending the week at 20,045.18, posting a sharp gain of 450.43 points, or 2.30%, from its weekend’s close.
The 50-scrip Nifty shot up by 133.35 points, or 2.275, to settle the week at 6,018.30 from its last weekend’s close. Both the land-marks were regained for the first time in 32 months.
Among the sectoral indices, the BSE-FMCG index shot up by 189.07 points, or 5.31%, the BSE-Consumer Durable moved up by 164.59 points, or 2.67%, the BSE-Auto rose 231.91 points, or 2.5% and the BSE-Teck gained 81.15 points, or 2.22%. The Dollex-30 shot up by 3.48%.
(ET)
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