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Mumbai: US Sensex, Nifty based funds made historic gains in stocks today, as global markets rose after the US Federal Reserve cut interest rates by half a percentage point more than expected yesterday and foreign funds again started pouring money into Indian stock markets in anticipation of better returns. Foreign portfolio investors-FPIs bought stocks worth Rs 14,065 crore in India in a single day today and with a stormy rally, the Sensex crossed the 84000 level for the first time and the Nifty crossed the 25700 level and reached a new record high. Despite intra-day volatility seen on the geopolitical tension factor of the war between Lebanon and Israel, US interest rates fell as foreign funds felt it was safe to invest in India, while Sensex, Nifty heavyweights bought stocks aggressively today. The surge in Sensex increased investors' wealth by Rs 6.24 lakh crore today.
Auto stocks including Mahindra & Mahindra, Maruti Suzuki and banking stocks including ICICI Bank, HDFC Bank, Kotak Mahindra Bank as well as FMCG, capital goods heavyweight stocks and stocks including Bharti Airtel, JSW Steel hit new record highs today. However, in contrast, funds, operators, high net worth investors continued to sell in many stocks in small, mid cap and side markets. Sensex today made a new record high of 84694.46 in intra-day by 1509.66 points and finally closed at a new record high of 84544.31 with a jump of 1359.51 points. At the same time, Nifty 50 spot also made a new high of 25849.25 with a jump of 433.45 points in intra-day and finally closed at a new record high of 25790.95 with a jump of 375.15 points.
New stance on auto stocks
Today, the BSE Auto Index closed 1240.92 points higher at 59649.55 due to aggressive buying by funds in the shares of automobile companies. Tube Investment rose by Rs 330.45 to Rs 4310.65, Mahindra & Mahindra rose by Rs 155.75 to Rs 2952.25, Bosch rose by Rs 1451.45 to Rs 35,897.45, Cummins India rose by Rs 81 to Rs 3810, Eicher Motors rose by Rs 104.55 to Rs 4968.20, Maruti Suzuki rose by Rs 240.85 to Rs 12,597.75, TVS Motor rose by Rs 43.20 to Rs 2813.20, Sundaram rose by Rs 15.05 to Rs 1425.60, Bajaj Auto rose by Rs 122.25 to Rs 11,987.
Capital goods stocks rise
In capital goods stocks today, the BSE Capital Goods index jumped 1660.91 points to close at 73373.89 as funds bought aggressively. Rail Vikas Nigam rose Rs 33.80 to Rs 544.25, BHEL rose Rs 9 to Rs 266.15, Larsen & Toubro rose Rs 113.05 to Rs 3795.55, Suzlon NG rose Rs 2.45 to Rs 83.42, ABB India rose Rs 206.30 to Rs 7708.95, Hindustan Aeronautics rose Rs 103 to Rs 4336.35, AIA Engineering rose Rs 65.25 to Rs 4314.10, Siemens rose Rs 15 to Rs 6836.95. Polycab rose Rs 83 to Rs 6559.65.
Banking stocks rise again
Funds also made aggressive purchases in the shares of banking-financial services companies today. ICICI Bank rose by Rs 48.70 to Rs 1340.25, HDFC Bank rose by Rs 34 to Rs 1742.15, Kotak Mahindra Bank rose by Rs 33.45 to Rs 1905.95. The BSE Bankex index rose 865.54 points to close at 60955.12. Along with this, HUDCO rose by Rs 20.60 to Rs 250.95, shares rose by Rs 36.45 to Rs 530.75 after RBI lifted the ban on IIFL Finance's gold loan business.
Metal stocks rise
Funds also bought metal-mining stocks heavily today. The steel business of Indian companies was expected to benefit from the boost to the infrastructure sector in the country and anti-dumping duty on steel imports from China, Vietnam. Coal India's price rose by Rs 13.20 to Rs 491.25, Tata Steel's price rose by Rs 2.45 to Rs 152.05, Hindalco's price rose by Rs 9.85 to Rs 694.40. The BSE Metal Index closed at 31973.89, up 571.98 points.
Investor wealth rises to new peak of Rs 471.72 lakh crore
Along with the record rally of Sensex and Nifty, the rise in many stocks including small and medium sized stocks today has increased the wealth of investors i.e. the total market capitalization of BSE listed companies by Rs 6.24 lakh crore in a single day and reached a new record high of Rs 471.71 lakh crore. The cap was traded
DII net sales Rs 4,427 crore
Foreign Portfolio Investors – FPIs, FIIs made massive net purchases of shares worth Rs 14,064.05 crore in cash today on Friday. Total sales of Rs 45,388.28 crore were made against total purchases of Rs 59,452.33 crore. While DIIs-Domestic Institutional Investors made net sales of Rs 4427.08 crore in cash today. Total sales of Rs 21,414.50 crore were made against total purchases of Rs 16,987.42 crore.