News Karnataka
Tuesday, February 27 2024

Fund influx, economic recovery pushes markets to new closing high

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Mumbai:Global cues, along with fresh influx of foreign funds and positive macro-economic industrial production data, pushed the Indian equity market to end at new record highs for the second consecutive session on Monday.

After remaining sideways for the better part of the trading session, the NSE Nifty50 closed at a new record high of 13,558 points, and similarly, the S&P BSE Sensex ended at 46,253 points.

Globally, shares rose early in Asia but later ended mixed, shrugging off a weak close last week on Wall Street after Japan’s central bank reported a strong improvement in business sentiment.

Similarly, European stock markets traded higher on Monday, adopting a cautiously optimistic stance after Brexit negotiations were extended past the Sunday deadline.

Back home, better than expected industrial production data and massive fund foreign fund inflows led to the continuation of the market rally.

Last week, FIIs poured over Rs 15,000 crore.

However, volumes on the NSE were lower than recent average.

Among sectors, PSU banks, media, metals, pharma gained the most while realty and auto indices fell.

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