Extending its record-setting streak for the second session, Indian markets soared new highs today (28 November).
On a day when Reliance Industries Limited became the first Indian firm to breach the Rs 10 lakh crore market valuation mark, the Sensex settled 109 points higher at 41,130, a new closing high.
The other key benchmark index Nifty also settled at a new closing high of 12,154.
Banking stocks led the rally today with the index for banking stocks, Nifty Bank, hitting 32,000 for the first time.
IndusInd Bank emerged as the top gainer in the Sensex pack, rising 2.68 per cent. ICICI Bank gained 2.68 per cent at close. Yes Bank, Tata Steel, SBI, TCS, L&T, and Infosys also advanced.
The corporate tax cuts, the injection of funds into banks, the cut in interest rates, the relaxation of the fiscal roadmap this year, and the Union cabinet’s bold move to privatise companies like Bharat Petroleum, Concor, Shipping Corporation of India, and Air India are seen by the market as a huge commitment to reforms and to reverse the slowdown.
In the calendar year to 25 November, foreign institutional investors (FIIs) invested Rs 90,700 crore in equity, while domestic institutions invested Rs 57,664 crore. That’s a net inflow of Rs 1.48 lakh crore – or more than $20 billion at current exchange rates. Monthly inflows into SIPs (systematic investment plans) continue to grow at over Rs 8,000 crore – which is more than $1 billion from small investors.
Union Finance Minister Nirmala Sitharaman hinting that “minimum alternate tax" and “dividend distribution tax" are regressive also played a role in keeping the sentiment strong.
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