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Wednesday, October 5, 2022

Nifty Crosses 18,000 Level Amid FII Influx And Positive Global Trends

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Stocks open strong Tuesday with Sensex jump more than 359 points and the wider useful crossing the 18,000 level amid continued influx of foreign funds and positive global trends.



The 30-stock Sensex rose for the fourth straight session, rising 359.49 points to 60,474.62 points. No fewer than 28 components of the index traded in the green.

The broader NSE Nifty crossed the 18,000 mark in early trading. The index rose by 111.35 points to 18,047.70 points.

Asian markets, including South Korea and Hong Kong, traded higher. On Monday, the US and European markets closed in the green area.

On Monday, the Sensex closed above the 60,000 level and won for the third straight session. It closed higher at 321.99 points to a three-week high of 60,115.13.

The Nifty had also ended in positive territory, rising 103 points to close at 17,936.35.

Foreign institutional investors (FIIs) pumped Rs 2,049.65 crore into domestic equities on Monday, according to data available on BSE.

V K VijayakumarChief Investment Strategist at Geojit Financial Servicessaid the ongoing market rally is mainly driven by the sudden reversal of FII strategy.

“Retail investor support and fundamental support to the market from a strong economy are helping the rally. Now this has become a classic momentum-driven market that has the potential to push indices to new record highs soon,” he said.

Brent crude futures, the global oil benchmark, fell 0.21 percent to U.S. dollar 93.80 a barrel.

On the domestic macroeconomic side, retail inflation rose to 7 percent in August on the back of higher food and fuel costs, while factory output fell to a four-month low of 2.4 percent in July, according to official reports. data released on Monday.

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