Rally continues on FII funds, Nifty50 inches away from 14K mark

MUMBAI: The ongoing market rally pushed the Indian equity market to new record highs on Wednesday with the NSE Nifty50 reaching just short of the 14,000-mark in the day's trade session.

The day's session was the sixth straight day of gains on the back of strong FII inflows of around Rs 1,824.52 crore on Wednesday.

Globally, Asian shares hit a record high but closed on a mixed note as investors bet on a strong economic recovery in 2021.

Similarly, European markets gained after the UK government approved the anti-Covid-19 vaccine developed by AstraZeneca and the University of Oxford.

Among sectors, auto, metals and realty were the main gainers whereas bank and pharma indices fell marginally.

In the day's session, healthy buying was seen in cement stocks with UltraTech, Shree Cement being the top gainers on the Nifty.

The Sensex closed at 47,746.22, higher by 133.14 points, or 0.28 per cent, from its previous close.

The Nifty50 on the National Stock Exchange (NSE) ended at 13,981.95, higher by 49.35 points, or 0.35 per cent, from its previous close.

"On December 30, Nifty has closed just shy of the psychological 14,000 level which will come in for test on Thursday," said Deepak Jasani, Head of Retail Research at HDFC Securities.

"While the gains in Nifty have been small due to lower institutional participation, the broader market continues to see rotational buying."

Siddhartha Khemka, Head, Retail Research, Motilal Oswal Financial Services, said: "Strong FIIs inflow continue to support the positive sentiments." (IANS)

Also Read: Global cues, FII inflows lift equity indices to new highs

Also Watch: A Candid Conversation