Foreign Flows, Progress On Vaccine Drive Nifty Beyond 13,500 For First Time

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The Indian equity benchmarks rose to new highs on Wednesday as sustained buying of Indian equities by foreign institutional investors (FIIs) and news of progress in Covid-19 vaccine development cheered investors’ sentiment. The Sensex rose as much as 555 points to hit a record high of 46,164.10 and Nifty 50 index climbed above 13,500 for the first time. HDFC Bank, Reliance Industries, Infosys, Kotak Mahindra Bank and Asian Paints were the top movers in today’s session.

The Sensex closed 495 points higher at an all-time high of 46,103 and Nifty 50 index advanced 136 points to settle at record high of 13,529.

The markets have been hitting record highs on news of progress in Covid-19 vaccine development amid sustained buying of Indian shares by Foreign Institutional Investors (FIIs), analysts said. FIIs bought shares worth ₹ 2,909.60 crore on Tuesday.

Eight of 11 sector gauges compiled by the National Stock Exchange ended higher led by the Nifty Media index’s nearly 4 per cent gain. Banking, financial services, FMCG, IT and realty indices also rose over a per cent each.

On the other hand, PSU banking and metal stocks witnessed selling on account of profit booking.

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