Benchmarks Up 18%, Outperform Global Peers

financial chronicle  | RAVI RANJAN PRASAD

Business, Economy

Buoyed by renewed foreign portfolio inves-tor (FPI) buying, the Sensex closed at 60260 gaining 417.92 points or 0.70 per cent

The Sensex closed at a more than four-month high and breached the 60000 mark, a level last seen in the first week of April this year. (Twitter image)

Mumbai: The Sensex closed at a more than four-month high and breached the 60000 mark, a level last seen in the first week of April this year.

Buoyed by renewed foreign portfolio inves-tor (FPI) buying, the Sensex closed at 60260 gaining 417.92 points or 0.70 per cent. The broader Nifty-50 is just 64 points short of the 18000 mark with Wednesday's close at 17944, up 119 points or 0.67 per cent.

The FPIs were net buyers of equities worth Rs 2,347.22 crore on Wednesday while the domestic institutions booked profit worth Rs 510.23 crore.

"The market has bounced back sharply by 18 per cent in last one and-a-half month, turning positive for year to date (CY22). It has sharply outperformed the global markets with gains of 3 per cent,” said Siddhartha Khemka, head-retail research, Motilal Oswal Financial Services.

"Nifty continues its relentless rise and is currently outperforming global markets. There are no signs of reversal, the current uptrend is mature," said Deepak Jasani, head of retail research, HDFC Securities.

The broader market too were on the rise with the BSE Mid-cap up 0.64 per cent and Small-cap up 0.53 per cent. IT, telecom, FMCG and  consumer durables were the key sectoral gainers.

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