Global cues, FII inflows lift equity indices to new highs

NEW DELHI: Strong buying support, combined with influx of fresh foreign funds, lifted the key Indian equity indices to close at new highs on Wednesday. India's market had a "gap up" opening.

Subsequently, the NSE Nifty50 reached a record high of 13,692.35, while S&P BSE Sensex touched 46,704.97 points level, following a strong market sentiments globally.

In terms of sectors, realty, metal, auto and pharma indices were major gainers, while PSU banks were the main loser. Broader market indices — Smallcap and Midcap — rose more than NSE Nifty50.

Globally, stocks rose to record highs as the safe-haven US dollar reached its lowest level in more than two and a half years on the growing prospects of an effective coronavirus vaccine and more fiscal stimulus.

Back home, foreign investors pumped in liquidity worth Rs 1,981.77 crore on Wednesday, while volumes on the NSE were in line with recent averages.

Consequently, S&P BSE Sensex closed at 46,666.46, higher by 403.29 points, or 0.87 per cent, from the previous close.

The Nifty50 ended the day's trade at 13,682.70, higher by 114.85 points, or 0.85 per cent, from the previous close.

"Nifty continues its uptrend with a series of upgaps which are yet to be filled," said Deepak Jasani, Head of Retail Research at HDFC Securities.

"This shows the strength of the current upmove and also indicates that whenever the correction starts all the recent upgaps may have to be filled. 13,800-13,900 is the cluster resistance zone for the Nifty." (IANS)

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