FII buying takes Nifty near record high

FII buying takes Nifty near record high


MUMBAI: FIIs’ steady purchasing in real money and file prospects this month has pushed the Nifty to inside kissing separation – 1.36 percent timid – of its record high of 12,430.5 in January this year.

Since October 30, the Nifty has increased 5.33 percent to close at 12,263.55 Friday, and Bank Nifty 12 percent, with FIIs buying Rs 11,434 crore of offers, including Friday temporary numbers, through five meetings this month.

Combined with money buys, they have turned net long in total on file fates by 35,787 agreements as of November 6 from being net short 25,396 agreements on October 30.

Nilesh Shah, MD, Kotak Mahindra Asset Management Company, ascribes the purchasing generally to the PM’s ongoing meet with huge worldwide institutional financial specialists overseeing $6 trillion in resources.

“Beside the Q2 results, which have fundamentally beaten road desires, the notorious what tops off an already good thing was the PM exhibiting India as the speculation objective of decision to worldwide speculators.”

The scope of the market, passing by week after week Nifty alternative agreements, has moved to 12,000-12,500 from 11,500-12,000.

“The purchasing in real money and prospects by FIIs has given our market the fillip to approach its record high and I think we are on course to make a new high,” said Rajesh Palviya, subordinates head, Axis Securities.

Credit: Stocks-Markets-Economic Times

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