Stock markets rally as FIIs resume buying

Jun 25 2014, 09:08 IST
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The 50-share Nifty came closer to 6,600 level, while Sensex strengthened its position above the 25,000-levels. The 50-share Nifty came closer to 6,600 level, while Sensex strengthened its position above the 25,000-levels.
SummaryReversing 3 days of fall, Sensex jumps 338 points, Nifty up 87 points; Gail leads rally

The benchmark indices gained over 1% on Tuesday as foreign institutional investors (FIIs) resumed buying after three days of selling spree. The 50-share Nifty came closer to 6,600 level, while Sensex strengthened its position above the 25,000-levels.

On Tuesday, the foreign institutional investors (FIIs) bought $47.34 million worth of equities, while the domestic institutional investors (DIIs) sold shares worth $35.95 million. In YTD, FIIs bought $9.8 billion worth of shares.

On Tuesday, the 30-share Sensex ended 337.58 points or 1.35% higher at 25,368.90 points, while NSEís Nifty ended 1.16% or 86.85 points higher at 7,580.20 points. The combined turnover ó cash and F&O ó touched an all-time high of R6.86 lakh crore.

Raamdeo Agrawal, the managing director at Motilal Oswal Financial Services said the secular buying seen on Tuesday drove the markets higher.

The market rally was led by GAIL, which ended with gains of 4.56% at R459.65. The scrip gained on hopes of gas price hike. HDFC (2.81%), Bhel (2.48%) and State Bank of India (2.24%) were among other major gainers on the 30-share Sensex.

Among global peers, most Asian markets ended higher on Tuesday. The Nikkei (0.05%), Shanghai Composite (0.47%), Hang Seng (0.33%), Straits Times (0.14%), Jakarta Composite (0.42%), Kospi (0.98%) and Taiwan Taiex (0.19%) were among the major gainers.

About 26 of the 30 Sensex companies ended in green. In the broader market, about 2,029 stocks trading on BSE ended higher compared with 1,004 declines. Most of the 13 BSE sectoral indices ended in green. The BSE Realty rose the most with gains of 3.16%. BSE Consumer Durables (2.44%), BSE Oil & Gas (2.17%) and BSE FMCG (1.20%) were among the major gainers.

Forthcoming Budget is likely to provide the next big trigger for the market. The market is also likely to monitor the situation in Iraq. NSE cash turnover on Friday stood at Rs 17,564.33 crore, while turnover in F&O segment stood at R3.29 lakh crore.

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