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Senbad, the Bombay Stock Exchange (BSE), with 30 stocks, began the year 2019-2020 on a positive note, crossing the mark of 39,000 marks for the first time in its history, thanks to a record flow of funds in foreign currency.
Today, at 10:20 am, BSE has crossed the 39,000 mark and stood at 39,028 points before correcting and falling below 39,000. filing this copy, the BSE Senbad was trading at 38,954, up 281 points (0.73%) from Friday's close.
On the other hand, Nifty NSE, a broader index to 50 shares, also exceeded the level of 11,700 for the first time since September 2018, mainly by buying interest for shares in metals, PSU banks, automobiles and equipment goods. At the time of filing this copy, Nifty was trading at 11,694, up 70 points (0.60%).
Markets have been propelled by the increased flow of foreign funds – which have changed their view of emerging markets since February. In March, Foreign Institutional Investors (FII) penned the highest amount in the last two years – for an amount of 48,751 crore, according to data compiled by the NSDL.
Indian markets caught up with their global counterparts after four to five months of underperformance, as global liquidity shifted to emerging markets after the global central banks adopted an accommodative and accommodating policy.
"If you see all the emerging markets are doing well lately. So fundamentally, what has changed is the fact that foreign investors have changed their prospects in emerging markets and are flocking once again. This has led to this recovery in the markets, "said Rahul Shah, vice chairman of the equity advisory group.
Sixteen of the 19 sector indicators compiled by BSE increased, driven by the 2.3% gain in the S & P BSE Metal Index. Equipment goods, automobiles, industries, basic materials, information technology and banks BSE indices also rose by 0.6% to 2% each.
Investor confidence in the markets has been heightened by Prime Minister Narendra Modi's increased prospects of coming back to power after the 2019 general election.
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