Indian equity markets opened higher on Monday making fresh record highs tracking positive Asian shares, which rose as investor sentiment were divided between optimism over vaccine developments and concern about surging virus cases around the world. Meanwhile, a lack of movement in stimulus talks on Capitol Hill and a spat between the White House and Federal Reserve over cash for emergency lending facilities was also tempering the mood.
As of 9:22 am, the Sensex was up 292.07 points or 0.67% at 44,174.32 after making a record high of 44.271.15 in the opening trade. The Nifty was higher by 77.3 points or 0.60% at 12,936.35. Banking stocks rose today after a RBI panel suggested raising cap on bank founders’ stake to 26% from 15% in the long run (15 years) and recommended allowing large corporates and big non-banking finance companies to establish banks among others.
Indusind Bank was the top gainer in the Nifty, up 4.99% followed by Bajaj Finserv and Hindalco, which were up 3.03% and 2.15% respectively. NTPC, Tata Steel, ONGC, Reliance Industries, Divis Labs, Shree Cements, JSW Steel, UPL, Nestle, Gail, HDFC Bank, Power Grid Corp, Grasim, L&T, Dr Reddy’s Lab, TCS, BPCL were the other prominent gainers in the Nifty.
Meanwhile, HDFC was the top loser in Nifty, down 1.33% followed by Tata Motors and Asian Paints, which fell 1.06% and 0.71% respectively. M&M, Coal India, ITC, Eicher Motors, Bharti Airtel, Adani Ports, Titan Company were the other losers in the Nifty.
Monthly foreign fund buying in domestic equities in November is on the cusp of breaking the alltime high record set in August this year, if the current trend continues. The surge comes as global liquidity flows from major central banks worldwide continued their easy-money policy to support fragile economies. So far in November, foreign fund managers have net bought stocks worth Rs 44,378 crore. If you include Friday’s provisional data, which shows a net buying of Rs 3,860 crore by FPIs, the highest ever level has already been recorded this month.
