FII buying earns 2447 points for Sensex in 5 weeks
01 Oct 2010
Indian equity benchmarks rallied for fifth consecutive week on back of consistent inflow of funds from foreign institutional investors (FIIs). The Nifty added 734.7 points (13.58%) and the Sensex 2446.63 points (13.59%) during the same period.
The upsurge in the Indian markets has created vigour among investors abroad. This, Naresh Kothari, Edelweiss Capital says continues. ''The mood is quite upbeat on India and we feel the strong FII flows to India will continue. Most FIIs seem to be very bullish on India any which way, especially the long-only funds, those are the people who have been bringing in a lot of capital.''
FIIs were net buyers to the tune of more than Rs 27,500 crore since September 6, 2010, including Thursday's provisional data. On the other side, domestic institutional investors were the net sellers of more than Rs 11,500 crore since the same period.
Today the Nifty closed above another psychologically important level - 6100 led by buying across the sectors on first day of October series; even it touched 6150 in an intraday trade.
The upbeat mood was also led by Ayodhya verdict. The three-judge special Lucknow bench of Allahabad High Court ruled by majority that the disputed land in Ayodhya be divided into three parts and be distributed among the Sunni Wafk Board, Nirmohi Akhara and the party for 'Ram Lalla'.
On Friday, the 30-share BSE Sensex closed at 20445.04, up 375.92 points or 1.87% and the 50-share NSE Nifty rose 113.45 points or 1.88% to settle at 6143.40. The Nifty October futures ended at 32.6 points premium.