Bullish force in the market; Sensex gains 579 points

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Mumbai : The bull market remained bullish for the second straight session on Tuesday, buoyed by the bullish sentiment in Asian capital markets including the US and general buying by domestic investors. Breaking away from the sell-off that had been going on for the past few days, foreign investors also bought into the market.

As expected volatility hit India’s capital markets as well, the Bombay Stock Exchange index Sensex ended the day up 578.51 points, or 0.98 percent, at 59,719.74. The Sensex surged 964.56 points to touch an intraday high of 60,105.79. National stock market index Nifty also gained 194 points and closed at 17,816.25. However, the index failed to cross the 18,000-degree mark at the end of the day. Its all-time high stood at 17,919.

The decline in the Western capital markets had no effect on the domestic market. Moreover, although the interest rate hike by the US central bank is inevitable, domestic investors continue to buy stocks ignoring it. Investors tend to buy in every dip in the market. At the same time, the fall in stocks of pharma and IT companies in the last few sessions has stopped and investors preferred to buy stocks at lower prices. Foreign investors have also become active as shares of Indian companies seem reasonably valued relative to the rest of the world amid adverse global economic conditions, observed Vinod Nair, head of research at Geojit Financial Services.

Sun Pharma in Sensex, Dr. Reddy’s, IndusInd Bank, Tata Steel, Titan, Bajaj Finsar, ICICI Bank and Asian Paints were the top gainers.

Flow from ‘FII’

Foreign institutional investors (FIIs) bought shares worth Rs 312.31 crore in Monday’s session, according to data available with the Mumbai Stock Exchange. FIIs seem to be active again in the Indian capital market, ignoring the possible interest rate hike by the US Central Bank – Federal Reserve.

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