MUMBAI: The sensex rallied on the back of local buying for the second consecutive session. The index closed 610 points higher at above the 74K mark. In the last two sessions, the sensex has added 1,350 points or 1.9%. On the NSE, Nifty too followed a similar trajectory and closed 207 points up at 22,545 points.
On Thursday, the sensex opened sharply up but soon profit-taking at higher levels pulled it down in the red. From there on, it added gains through the session to close at 74,340 points, up 0.8%. The day’s upsurge added about Rs 4.5 lakh crore with BSE’s market capitalisation at Rs 397.5 lakh crore.
According to Prashanth Tapse of Mehta Equities, the recovery of the past two sessions was due to buying at beaten down prices. “Some of the stocks from several sectors have become attractive as their business fundamentals remain strong. However, the recovery could face disruptions as (US President Donald Trump)’s tariff statements will continue to make investors nervous and trigger selling going ahead,” Tapse said.
The day’s upside came despite foreign fund selling while domestic funds were net buyers. At close, foreign portfolio investors (FPIs) were net sellers at Rs 2,377 crore while domestic institutions were net buyers at Rs 1,618 crore, BSE data showed.