Closing Bell: FIIs lift Sensex above 39,000 levels, Nifty near all-time high; Suzlon Energy gains over 10%
The reason for FII's continued faith in the Indian indices is because of the opinion polls suggesting Narendra Modi led NDA government coming back to power post Lok Sabha Polls.
On account on Lok Sabha polls giving favourable results for the Narendra Modi led NDA government to regain the power post May 23 results, the foreign institutional investors (FIIs) have continued to show faith in the Indian indices. The BSE Sensex rose 184 points before closing at 39,056 levels while the 50-stock Nifty rose 44 points to close at 11,713 marks. Eenrgy major Suzlon Energy stock gained over 10 per cent in the intraday trade on Tuesday.
Giving reason for this continued rally at Dalal Street Prakash Pandey, Head of Research at Fairwealth Securities told Zee Business Online, "The reason for FII's continued faith in the Indian indices is because of the opinion polls suggesting Narendra Modi led NDA government coming back to power post Lok Sabha Polls." Pandey said that in March 2019 FIIs have pumped around Rs 32,000 crore into the Indian equity market, which is one of the major reason for such a rally at the Dalal Street.
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Realty stocks led the bull run on Dalal Street. The BSE Realty index went up over 2.5 per cent on Tuesday intraday trade. Realty major Godrej Properties shot up over 9 per cent, Prestige Estates Projects shares rose over 3.3 per cent, DLF stocks went northward by more than 2 per cent, Oberoi Realty counter rose 3.6 per cent while Phoenix Mills stocks went up near 2.69 per cent.
Telecom stocks too witnessed heavy buying today. The BSE Telecom index added pver 1.5 per cent from its prbious close today. Telecom major Bharti Airtel shot up around 5.7 per cent, shares of GTL Infrastructure surge around 4.3 per cent, ITI counter went northward near 4.36 per cent, MTNL shares rose 2.8 per cent while Tata Teleservices (Maharashtra) surge around 2.6 per cent. But, telecom major Vodafone Idea crashed over 6 per cent today.
Asian stocks too witnessed a bull run in the intraday trade on Tuesday. South Korea's Kospi rose 0.41 per cent, Shanghai index rose around 0.26 per cent, Hang Seng went up near 0.35 per cent while Japan's Nikkei 225 index lost all its gains under heavy profit booking and closed around 0.04 per cent down.
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