NEW DELHI: On Friday, the equity indices opened higher with the benchmark BSE sensex surpassing 47,000 points for the first time ever. Sensex hit an intraday high of 47,026 in early trading; while the widest NSE Nifty traded above 13,750 levels.
However, both indices soon gave up their gains and turned red.
Sensex and Nifty regularly hit new highs supported by purchases of FPI (foreign portfolio investors). In dollar terms, the inflow since the beginning of the year is $ 21 billion, official figures show.
In terms of annual flows, the second highest figure of Rs 1.3 lakh crore was recorded in 2012. Up to this year, among emerging markets in Asia, India has recorded the largest flow of foreign funds, according to the Bloomberg data
Top gainers in the sensex package included HCL Tech, Infosys, Nestle India, Tech Mahindra, TCS, and Bajaj Auto with their shares rising up to 2.50%.
On the NSE platform, Nifty IT outperformed by trading up to 1.39% higher.
The 30-share BSE index stabilized at 224 points, or 0.48%, at 46,890; while Nifty rose 58 points or 0.42% to 13,741.
Asian equities slipped from the high of the day before Friday, but the prospect of a major US coronavirus relief package left some investors still in the mood to buy stocks and other risky assets.
Global equities remained shrouded in optimism about reaching agreement on a new US economic stimulus package.
Many investors felt the approval of new measures to support the economy was imminent after data showed that the number of Americans filing for the first time for jobless benefits increased unexpectedly last week.
“We’re in an environment where bad news is good because it means more stimulus,” Sharon Zollner, chief economist at ANZ Research, told Reuters news agency.
(With input from agencies)