Business News
Sensex, Nifty touch new record highs on IMF growth projections
Foreign investors have been net buyers at nearly ₹7,000 crore in the current month after having sold equities worth ₹5,883 crore in December.
The benchmark equity indices touched new record highs on Tuesday as investor sentiments were lifted after the International Monetary Fund (IMF), in its latest World Economic Outlook Update, estimated that the Indian economy would grow by 7.8% in 2019, making it the world’s fastest-growing economy in 2018 and 2019.
During the afternoon trading session, the 30-share Sensex was trading up 292 points at 36,090. The broader 50-share Nifty was at 11,065, up 99 points.
“The turnaround in the industrial/economic growth in October 2017 along with big policy announcements related to Bank recapitalisation and Bharatmala led to a good upmove in October 2017,” said Deepak Jasani, Head – Retail Research, HDFC Securities.
“In January 2018, we are witnessing FIIs returning to the buy side in a big way after a break,” he added.
Foreign investors have been net buyers at nearly ₹7,000 crore in the current month after having sold equities worth ₹5,883 crore in December.
Global sentiments also received a boost after the US government shutdown ended as the Senate voted for funding legislative activities.
The IMF, meanwhile, has retained its GDP forecast for the country at 6.7 per cent in 2017.
The overall market breadth on BSE, however, remained negative as more than 1,500 stocks lost ground as against 1,340 gainers.
