Inflow in Foreign Funds as Sensex Hits Record Intra-Day at 40,392 Points

Mumbai: A massive inflow of foreign funds on the back of positive global cues along with expectations of further economic reforms like reduction in certain taxes and healthy quarterly results lifted the S&P BSE Sensex to touch a new intra-day record high of over 40,300 points on Thursday.

The Sensex touched a record intra-day high of above 40,392 points, surpassing the previous high of 40,312 reached on June 4, 2019.

Late Wednesday night, the US Federal Reserve had reduced interest rates for the third time this year in a move to ensure the US economy weathers a global trade war without slipping into a recession.

This reduction, analysts said aided in the healthy fund inflows into the Indian equity markets. BSE data on Thursday showed that foreign institutional investors (FIIs) bought shares worth a net of Rs 1,870.87 crore.

Healthy buying was observed in IT, telecom, realty, and healthcare stocks, whereas the scrips of metal and capital goods companies came under heavy selling pressure. The S&P BSE Sensex closed at 40,129.05 points, up 77.18 points, or by 0.19 percent, over the previous close of 40,051.87 points.

After opening at 40,211.99 points, the Sensex swayed between an intra-day high of 40,392.22 and a low of 40,054.89.

Similarly, the Nifty50 of the National Stock Exchange closed at 11,877.45, higher by 33.35 points, or by 0.28 percent over its previous close.

The broad market indices like the BSE Mid-cap and Small-cap indices gained more, thereby outperforming both the Sensex and Nifty. (IANS)

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