NSE Nifty touches record high on huge FII inflows

NSE Nifty touches record high on huge FII inflows
Strong inflows from foreign institutional investors (FIIs) added further strength to the market, helping the NSE 50-share Nifty to close above the 2000 mark for the first time in its history.

The Nifty ended at historic closing high of 2007, its best since December 02 when the index had ended at 1999.

After slowing down for a couple of days last week, FIIs made a comeback, pumping in funds worth Rs 329 crore on Friday, compared to Rs 152 crore and Rs 147 crore on the previous two days.

They bought shares worth Rs 200 crore on Monday, taking their total inflows (equity) to Rs 36,391 crore, or $7.9bn, in the current calendar year so far.

On Tuesday, the market remained firm throughout the session amid buying in blue-chip shares across the board. The mid-cap rally continued with shares of textile, metals and construction companies in demand.

In a range-bound session, the BSE 30-share sensex moved between the days high of 6332 and low of 6280, before ending at 6326, up 57 points or 0.9%.

Contributing to the sensex rise, SBI rose 1.1% to Rs 603, while ITC gained 1% to Rs 1,279.5. Reliance Industries was up 0.6% to Rs 505, while HLL ended 0.6% higher at Rs 144.7.

PSU oil and gas giant ONGC moved up 1.1% to Rs 846. Among other index shares, Bharti Tele-Ventures rose further to Rs 200, up 4.6%, after the RBI, last week, allowed further FII purchases in the company with a fall in their holdings to 48% below the RBI-stipulated limit of 49%.

Hero Honda, Maruti Udyog and Tata Motors gained between 1% and 4.7%, while Infosys Technologies, Satyam Computer Services and Wipro rose from 0.6% to 1.2%. Several mid-cap shares, led by textile, construction and metal, gained smartly. The BSE-500 index outperformed the sensex, rising 1.1% to end at 2639 on Tuesday.

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