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Sensex, Nifty scale fresh record highs amid sustained FII buying

Capitalstars Investment Advisor
FIIs have poured more than Rs 44,000 crore in the domestic markets since Sept 1.

Benchmark equity indices BSE Sensex and NSE Nifty scaled fresh all-time highs in Thursday's session, following sustained inflows by foreign institutional investors and hopes of economic reforms.

The 30-share index opened 141 points, or 0.34 percent up at 41,161 and later hit a fresh record high of 41,163.79. Meanwhile, the 50-share Nifty index rose 31.40 points, or 0.26 percent to 12,132 and hit a high of 12,138. Bank Nifty topped 32,000 marks for the first time at the open.

Gaurav Bissa, AVP Technical, and Derivatives, LKP Securities said, “The crucial supports for the index are seen at 12,020 levels. The trend is still strong and the index is expected to witness 12,150-12,170 levels where some halt may be seen.”

Overseas investors have poured more than Rs 44,000 crore in the domestic equity markets since September 1. Until November 27, FIIs have been net buyers of Indian shares worth Rs 22,710 crore in the current month.

As many as 15 stocks in the Sensex pack were trading higher with YES Bank gaining the most at 1.83 percent. It was followed by Tata Steel (up 1.03 percent), TCS (up 0.84 percent), State Bank of India (up 0.73 percent) and Mahindra & Mahindra (0.56 percent).

YES Bank gained over 8 percent on Wednesday ahead of its board meeting on November 29 where the bank's board will consider raising funds.

On the other hand, Vedanta, ONGC, HUL, NTPC, and Tech MahindraNSE -0.07 % were down between 0.35 percent and 0.75 percent.

Among the sectoral indices on BSE, IT and Teck indices were up 0.65 percent and 0.52 per cent in early trade. Oil & Gas, Power, and FMCG were down over 0.10 percent each.

The US markets closed at new records on Wednesday, supported by economic data and trade deal hopes. Revised data released by the Commerce Department showed the US economy grew by more than initially estimated in the third quarter. The Commerce Department said real gross domestic product jumped by 2.1 percent in the third quarter compared to the previously estimated 1.9 per cent increase.

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