"Given soft monetary policy of global bankers, weak dollar, improved prospects of corporate earnings recovery and consistent improvement in COVID-19 recovery rate will continue to remain as key tailwinds for strong FPIs participation in domestic markets in the near to medium term," Modi said. In the absence of major domestic or global events expected in the near-term, the market will focus on the upcoming Q3 earnings and stock-specific updates," Nair said.Ĭontinued buying by FPIs remains a dominant factor for market rally, Binod Modi, Head- Strategy at Reliance Securities said.Īccording to exchange data, foreign portfolio investors (FPIs) purchased shares worth a net Rs 1,588.93 crore on Monday. "A major part of the global developments like stimulus and Brexit deal are priced in the market. Selling was seen in auto, pharma and metal sectors among others too. "It was a volatile day, started well but edged lower losing all the gains, in the end, the markets recovered much of the losses and closed with a small upside," Vinod Nair, Head of Research at Geojit Financial services said.įinance stocks were the major contributors in the upside but broader market underperformed the main benchmark. In the broader market, all midcap, smallcap and largecap indices underperformed the benchmark Sensex.
Among the top losers, BSE metal, power and energy slid up to 1.32 per cent. Of the 19 sectoral indices, 12 ended in the red and seven in the green.
Sectorally, banking index rallied 1.41 per cent, followed by finance (1.06 per cent) and IT (0.65 per cent). On the other hand, Nestle, NTPC, PowerGrid, Dr Reddy, Reliance Industries, ONGC and Mahindra & Mahindra were among the losers. On the Sensex chart, IndusInd Bank, Axis Bank, Tech Mahindra, HDFC, ICICI Bank, HCL Tech, HDFC Bank, SBI and ITC were prominent gainers. The day also witnessed up moves in names that are not usually seen frequently amongst gainers as savvy investors were seen scouting for value in a Bull Market," S Ranganathan, Head of Research at LKP Securities said.
"Financials helped key Indices to close the day well into positive territory with the broader markets seeing demand for gas stocks. Intraday, the 50-share Nifty marked its all-time record at 13,967.60. Likewise, the NSE barometer Nifty ended higher by 59.40 points or 0.43 per cent at a fresh closing high of 13,932.60. Starting off on a bullish note, the 30-share index went on to hit its all-time intraday high of 47,714.55 before paring some gains.
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