Sensex Surges 300 Points Higher, Nifty Hits 11,500; Rupee At 7-Month High
Domestic equity benchmarks surged along with the Indian rupee on the back of strong foreign fund inflows. The Nifty 50 index reclaimed its crucial psychological level of 11,500 as the Sensex and Nifty continue to trade at over six month highs. The foreign investors have been buying Indian shares since the start of this month, the foreign portfolio investors have so far purchased shares worth Rs 17,919 crore, according to data compiled by National Securities Depository Limited (NSDL).
The S&P BSE Sensex rose as much as 297 points or 0.78 per cent to 38,321.47 and the NSE Nifty 50 Index climbed as much as 87 points or 0.76 per cent to 11,514.20.
The rupee rose as much as 0.25 per cent or 18 paise to hit over seven-month high of 68.92.
In Friday's session alone, the foreign institutional investors bought shares worth Rs. 4,323.49 crore, according to provisional figures on the National Stock Exchange.
Nine of 11 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty Private Bank Index's 1.4 per cent gain. Nifty Bank, Realty and Financial Service Indexes also climbed over a per cent each. On the flipside, Nifty Pharma Index was top loser, down 0.69 per cent.
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