FIIs fuel bull run in markets
Mumbai, Sept. 14: The Sensex took a breather on Tuesday after the spectacular showing on Monday, but still fared better than its Asian peers closing up 138 points at 19,346.96 after a flying start. SBI and Reliance Industries that were the stars of the show on Monday were down on profit booking.
Tata Motors saw its lifetime high of `1,067 and closed at `1,055.20 up `28.20. “The momentum is continuing in the market because of the FII money flow. However in the last two days, the advance decline ratio showed the robust rise was not across the board. On Tuesday, 375 stocks advanced and 917 declined. At the end of the day, money speaks” said Mr Ambareesh Baliga of Karvy Stockbroking.
According to Mirae Assets, the FII inflow between September 6-10 was $295 million and the total for the month of September was $415 million. The foreign inflow into equity exceeded the domestic outflow by 4:1 pointing to a divergence of opinion on the market outlook, said Mirae. Going forward it said “India’s structural trajectory will continue to attract disproportionate global liquidity.”
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