New Delhi, November 6 (TNA) The BSE Sensex moved close to the 80,000 mark in morning trade on Friday, supported by strong foreign institutional investor buying and positive sentiment during the festive season.
The Sensex rose as much as 734.66 points, or 0.92 per cent, to reach an intraday high of 79,959.48, compared with its previous close of 79,310.01. The index briefly came within a few points of the psychologically important 80,000 level.
Nifty Crosses 24,600
The NSE Nifty50 gained 136.95 points, or 0.56 per cent, to trade at 24,673.55. It opened at 24,538.20, against Thursday’s close of 24,536.60. Buying was visible in several heavyweight and banking stocks, helping the benchmark indices extend their recent rally despite weakness in global markets. The gains came after Indian equities recorded a sharp advance in the previous session.
FII Buying Supports Rally
Market sentiment was strengthened by sustained foreign fund inflows. Foreign institutional investors remained net buyers for the fifth consecutive trading session and purchased Indian equities worth ₹14,974 crore on Thursday. In contrast, domestic institutional investors continued to book profits and were net sellers, recording outflows of ₹10,444 crore. The strong FII buying more than offset the selling pressure from domestic institutions.
Earnings Provide Fundamental Support
Market experts said the current rally was not driven solely by liquidity and festive optimism. They pointed to better-than-expected corporate earnings growth as an important fundamental support for the market.
Analysts, however, cautioned that the rapid rise in benchmark indices could lead to intermittent profit-booking. Investors are expected to track foreign fund flows, global market cues, crude oil prices and further corporate earnings during the rest of the session.