Sensex Closes Above 67,000 for the First Time on FPI Buying
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The Sensex, India’s benchmark stock index, achieved a historic milestone on Thursday, July 21, 2023, as it closed above 67,000 for the very first time. The soaring index was primarily fueled by positive global cues and robust buying from foreign institutional investors (FPIs). The 30-share index concluded at an impressive 67,078.28, marking a notable increase of 277.48 points or 0.42%. Simultaneously, the Nifty also exhibited remarkable growth, closing at 19,957.40, up 85.40 points or 0.43%.
Sensex Reaches New Heights
During intra-day trade on the same day, the Sensex even surpassed the 67,000 mark, touching a record high of 67,171. This remarkable surge in the index can be attributed to several key factors, including strong corporate earnings, optimistic global sentiments, and the expectation of continued economic growth.
FPIs Driving Market Momentum
Foreign institutional investors (FPIs) have played a significant role in influencing the Indian stock market’s bullish trend. Over the past few months, FPIs have injected a staggering amount of over Rs 1 lakh crore, providing crucial support to the ongoing market rally. On the flip side, domestic institutional investors (DIIs) were net sellers, offloading shares worth Rs 2,135 crore.
Broad Market Gains
The broader market also experienced notable gains, with the BSE Midcap index rising by 0.75%, and the BSE Smallcap index surging by 0.85%. This overall positive market breadth was evident as 2,212 stocks advanced against 1,386 declines.
Top Gainers and Losers
On the Sensex, the top gainers included Reliance Industries (2.2%), HDFC Bank (1.7%), ITC (1.6%), NTPC (1.5%), and Infosys (1.3%). Meanwhile, the top losers on the Sensex were Bharti Airtel (0.8%), Maruti Suzuki (0.7%), Tata Steel (0.6%), and Wipro (0.5%).
Similarly, on the Nifty, the notable gainers were IndusInd Bank (2.7%), HDFC Bank (2.1%), ITC (1.9%), NTPC (1.8%), and Infosys (1.6%). Meanwhile, the top losers on the Nifty were Bharti Airtel (0.7%), Maruti Suzuki (0.6%), Tata Steel (0.5%), and Wipro (0.4%).
Outlook and Future Volatility
As investors closely monitor the global economic landscape and await the US Federal Reserve’s decision on interest rates, the market is anticipated to remain volatile in the upcoming days. The prevailing optimism, strong FPI buying, and other market dynamics will continue to play a crucial role in shaping the trajectory of the Sensex and the Nifty in the days ahead.
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