Sensex, Nifty at new closing highs as FIIs trigger rally

Sensex, Nifty at new closing highs as FIIs trigger rally

Key benchmark indices on Friday surged to record highs, driven by sharp gains in domestic-focused sectors like banking, realty, construction and capital goods on speculation the National Democratic Alliance (NDA) will be able to form the next government at Centre.

The BSE Sensex hit a record high near the 22,000 levels, on Friday while the 50-unit CNX Nifty struck record high above 6,500. The Sensex garnered 405.92 points or 1.89 per cent, — up about 380 points from the day’s low and off close to 40 points from the day’s high —, to touch yet another record close of 21,919.79. Apparently, investors were betting that the Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) will be able to form the next government at the Centre with support from some regional parties after the Lok Sabha elections to be held in April-May this year.

Market sentiment was boosted by data showing that foreign institutional investors (FIIs) made heavy purchases of Indian stocks on Thursday, while remaining net buyers in equities for the past 15 straight trading sessions. Since February 12, FIIs have purchased Indian equities worth Rs 7,000 crore ($1.1 billion). On Thursday, they were net buyers to the tune of Rs 1,273 crore, their largest single day purchase since December 19, as per provisional Sebi data.

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