Rally in Nifty, Sensex continue as large cap outperforms Mid cap and Small cap shares
The rally in Indian stocks continued on Friday as both indices, Nifty and Sensex, maintained their upward trend, with the Sensex nearing the 86,000 mark.
ANI
Sep 27, 2024 09:34 IST
Mumbai (Maharashtra) [India], September 27 (ANI): The rally in Indian stocks continued on Friday as both indices, Nifty and Sensex, maintained their upward trend, with the Sensex nearing the 86,000 mark.
The Nifty 50 index opened at 26,226 points, registering a surge of 0.04 per cent, while the BSE Sensex opened at 85,897 points with a gain of 57 points. The Sensex breached the 86,000 mark in the pre-opening session and touched a new high of 85,955 points after opening.
Following the announcement of the Fed rate cut decision, Foreign Institutional Investors (FIIs) increased their buying of Indian equities, with a net purchase of Rs 629 crore on Thursday. Domestic Institutional Investors (DIIs) outpaced foreign investors with a net purchase of Rs 2,405 crore on the same day.
"An important trend emerging in the market is the clear outperformance of large caps over mid and small caps. The outperformance has been pronounced during the last five trading days which saw Nifty appreciate by 2.85 pc against a mere 0.6 per cent up move in the small cap index. This is a healthy trend which can impart resilience to the market and, given the gush of domestic liquidity, take it higher. It appears that smart money is moving from mid and small caps to largecaps" said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Among sectoral indices on the National Stock Exchange, Nifty IT and Nifty Metal emerged as leaders in gains during the opening session. In the Nifty 50 list, 24 stocks opened with gains, while 26 stocks declined at the time of filing this report.
"Markets are touching new highs on the back of strong FPI and DII buying. Large caps are very buoyant and set for further increases" said Shriram Subramanian, Founder and MD, InGovern Research Services.
In the Asian markets on Friday, Hong Kong's Hang Seng index led the gains, surging more than 2.5 per cent during the trading session. Other indices in the region showed flat movement, with Japan's Nikkei 225 gaining 0.10 per cent, Taiwan's index rising by 0.4 per cent, while South Korea's KOSPI was down by 0.04 per cent.
In the US markets, on Thursday, marginal gains were seen as the S&P 500 rose by 0.40 per cent and the Nasdaq increased by 0.60 per cent. In European markets, France's CAC index gained more than 2.2 per cent, closing with a strong rally. (ANI)
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