Stocks surge for fourth straight session; Nifty crosses 18,000-level
The Hindu
The Sensex surged 455.95 points or 0.76% to close at a five-month high 60,571.08 points and 24 constituents of the 30-share index ended in the green
Equities rallied for the fourth straight session on Tuesday with Sensex jumping 455 points and Nifty closing above the key 18,000-mark for the first time since April as foreign institutional investors remained bullish on the domestic market.
The Sensex surged 455.95 points or 0.76% to close at a five-month high 60,571.08 points and 24 constituents of the 30-share index ended in the green.
In a reflection of strong investor sentiments, the broader Nifty climbed 133.70 points or 0.75% to settle at 18,070.05 points. Previously, the Nifty had closed above the 18,000-mark on April 4 this year.
In four consecutive sessions, Sensex has gained over 1,540 points or 2.59% while Nifty has risen by 445 points or 2.9%.
Analysts said the market rally was primarily driven by Foreign Institutional Investors (FIIs) who have turned net buyers of domestic equities. Retail investor participation also added to the momentum.
FIIs continued to invest in domestic equities, mainly in financial and FMCG shares.
Among the Sensex shares, Bajaj Finserve, IndusInd Bank, Bharti Airtel, Titan and Bajaj Finance were the main gainers. HDFC Bank, HDFC, Power Grid, L&T, ITC, Reliance, SBI and Infosys also closed in the positive territory.
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