Sensex hits 20K on promising IIP, FII flows
Domestic bourses surged on Friday on the back of an improvement in IIP numbers, strong global markets and on sustained buying by foreign institutional investor (FIIs).
While the BSE benchmark Sensex closed above 20,000-mark after a gap of over three months, the NSE Nifty rose by 44.60 points to close at a 28 month high of 6,094.75. Nifty, which had crossed the 6,100 mark briefly during the day, had earlier closed above Friday's level at 6,146 on January 4, 2011. The Sensex, meanwhile, closed at 20,082.6 on Friday registering a rise of 143.58 points or 0.72 per cent. The week ended Friday saw the Sensex rise by 507 points or 2.6 per cent. Even the mid-cap and the small-cap indices at the BSE rose by 2.8 per cent and 2.4 per cent, respectively.
According to the BSE provisional data, FIIs invested a net of Rs 544 crore on Friday and the total investment by them in Indian equities during the month of May stood at Rs 7,524.7. The push at BSE on Friday was led by stocks in the auto and consumer durables segment as the two sectoral indices rose by 2.2 per cent and 2 per cent, respectively. The FMCG index too rose by 1.4 per cent during the day. Experts feel that while markets have been on a rise, the upside may be limited. "The outlook for the market may remain firm, but slightly over bought," said Alex Mathews, head of research at Geojit BNP Paribas Financial Services.
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