Nifty scales 20 thousand for 1st time despite foreign fund selling – Times of India

by The Technical Blogs


MUMBAI: Nifty hit the 20,000-point mark for the first time on Monday on strong buying by domestic funds as retail investors continue to invest in stocks through mutual funds. The successful completion of the G20 leaders’ summit in Delhi too lifted investor sentiment on Monday.
Markets gathered momentum in the later part of the session on Monday. The Nifty closed 176 points higher at 19,996, also a new all-time-high. The sensex gained 528 points to close at 67,127 points. The index is less than 500 points away from its all-time peak of 67,619 points, recorded on July 20 this year.
India’s resilient growth compared to global macroeconomic headwinds has given investors the confidence to maintain bullish bets and propelled Nifty past the 20K mark, Shrikant Chouhan of Kotak Securities said. “The 7th consecutive session of gains has come despite persisting selling by foreign investors and other vagaries like inflation, rising dollar, spiking US treasury yields and interest rate hike concerns.”


So far this month, foreign portfolio investors net sold stocks worth about Rs 3,000 crore so far in September, compared to a Rs 12,262-crore net buying figure in August, CDSL and BSE data showed.
The gains in Nifty in the past few weeks came on the back of domestic buying, market players said. Between August 1 and August 23, mutual funds alone had net bought stocks worth nearly Rs 14,500 crore, Sebi data showed.


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