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Fun to buy in fund shares: Nifty crosses 18500: Sensex jumps 629 points

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Mumbai: As the deadline to raise the debt ceiling to bail the US out of default draws closer, the Indian economy is expected to outpace global economic growth with recovery in global markets indicating that a decision will soon be taken on whether the talks will continue. can be taken. All-round jump in shares. Sustained buying by foreign portfolio investors (FPIs) as well as local funds and encouraging results from Corporate India continued to propel stocks. Sensex touched 62500 level and Nifty 18500 level with fund buying. In the end, the Sensex rose 629.07 points to close at 62501.69 and the Nifty spot jumped 178.20 points to close at 18499.35. The gainers were 1907 and the decliners were 1600 out of total 3630 stocks traded on BSE.

Funds surge in Reliance Industries

The fund gained Rs 66.55 to Rs 2,506.50 amid reports of Reliance Industries pursuing a fast-paced growth strategy in retail, completing the acquisition of Lotus Chocolates and partnering with General Mills to launch Allen’s Buggles in India.

IT index jumped 387 points

Funds were largely buyers behind US stock market Nasdaq today on hopes of new global business opportunities in IT-software services, technology sector and profitability of many companies following cost-cutting. The BSE IT index jumped 387.55 points to close at 29271.27. Nucleus Software advanced by Rs 134.85 to Rs 809.20, Sonata by Rs 48.75 to Rs 975.55, Zensar Tech by Rs 15.55 to Rs 376.25, Mastec by Rs 73.75 to Rs 1989.70, Koforge by Rs 164.85 to Rs 164.85. 4466.85, Tata Eleksi by Rs 209.35 to Rs 7467.15, Mphase by Rs 47.35 to Rs 1978.50.

Increasing attractiveness of funds in auto stocks

The fund continued to buy auto stocks due to reports of new vehicle launches by companies and positive sales response as well as a bright growth outlook for the automobile industry. On good results, Cummins India gained Rs 84.60 to Rs 1734.80, Tube Investments by Rs 115.20 to Rs 9397.15, Balkrishna Industries by Rs 24.95 to Rs 2468.60, Eicher Motors by Rs 35.75 to Rs 3689, MRF by Rs 924.80 to Rs 97619, Uno Mi NDA Rs 4.90 546.50, Bosch rose by Rs 168.35 to Rs 18,950.90. The BSE Auto index gained 258.79 points to reach 32567.98.

Funds aggressive rally in FMCG stocks

In FMCG stocks, funds today initiated a fresh aggressive phase of bullish activity with widespread buying. Bactors Foods up by Rs 59.60 to Rs 719.50, Tasty Byte up by Rs 779.05 to Rs 11,719, Globus Spirits up by Rs 61.95 to Rs 11,719, Zuari Industries up by Rs 7.45 to Rs 145.55, Varun Beverages up by Rs 76.90 to Rs 1701.45 , Marico up by Rs 15.85 to Rs 544.25, Gillette India rose by Rs.112.90 to Rs.4391.60, Hindustan Unilever by Rs.51.90 to Rs.2651.60, Godrej Consumer by Rs.19.80 to Rs.1049.75. The BSE FMCG index closed at 18,127.40, up 231.45 points.

break the fall in metal stocks

Metal-mining stocks rallied again today after a selloff on negative China report yesterday. NALCO rose by Rs 3.99 to Rs 84.51, Hindalco by Rs 9 to Rs 413.40, Jindal Steel by Rs 9.50 to Rs 520.30, Tata Steel by Rs 1.05 to Rs 106.40, JSW Steel by Rs 4.65 to Rs 710.55, Vedanta by Rs 1.85. Together it became Rs 297.65. The BSE Metal index closed at 19,763.19, up 205.73 points.

Banking-finance stocks up

Banking-finance stocks saw broad-based buying today as funds rose. Federal Bank advanced by Rs 2 to Rs 125.30, ICICI Bank by Rs 10.75 to Rs 950.55, Bank of Baroda by Rs 1.70 to Rs 183.50, Kotak Mahindra Bank by Rs 15 to Rs 1944.95. State Bank of India gained Rs 4.55 to Rs 585.85. The BSE Bankex index closed at 49960.50, up 364.96 points.

Investors’ wealth increased by Rs 2.34 lakh crore

Investor wealth i.e. total market capitalization of BSE listed companies increased by Rs 2.34 lakh crore to Rs 282.67 lakh crore in a single day due to volatility in index based stocks and widespread buying in small, mid cap, cash stocks.