Bull run: Another day of sensex, Nifty highs – Times of India

MUMBAI: The global rally triggered by dovish comments by the US central bank’s chief continued on Tuesday. On Dalal Street, by close of the day’s session, the sensex ended 663 points up at 57,552 — the first time ever above the 57k mark. The Nifty on the NSE, too, rallied 201 points to close at a new peak above 17k at 17,132. The sensex took two sessions to rally from 56k and go past 57k, while the Nifty took 19 sessions to move from 16k to 17k — its fastest 1,000-point gain in history.
The day’s surge also took investors’ wealth past the Rs 250-lakh-crore mark with the BSE’s market capitalisation now at Rs 252.3 lakh crore. Tuesday’s rally in the stock market — in which foreign funds played a key role by pumping in over Rs 5,000 crore in two sessions, also boosted the rupee. With the RBI mostly remaining on the sidelines, the rupee on Tuesday closed 26 paise higher at 73.01 to a dollar from Monday’s close of 73.27, and 68 paise from Friday’s 73.69.

The Indian currency had increased by 53 paise on Friday on the back of huge flows after a bank raised $1 billion through an overseas bond offering. The gains on Monday and Tuesday were due to FPI flows, dealers said. The recent strong foreign flows came after these funds took out about Rs10,000 crore net from Indian stocks since July1, official data showed. The rising rupee had mostly kept the software exporters from joining the rally. But on Tuesday, these stocks witnessed strong buying.
The session’s gains in the sensex were led by Bharti Airtel, Bajaj Finance and TCS, while selling in Reliance Industries, Nestle and IndusInd Bank limited the northward movement of the index, BSE data showed.
According to LKP Securities head (research) S Ranganathan, strong buying in FMCG and software biggies, along with Airtel, Bajaj Finance and Bajaj Finserv, made the market rally “look effortless” ahead of the Q1 GDP numbers.