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Nifty hits 8800: Nifty at peak in last 16 Month

by Pankaj Sharma

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Nifty – Waiting for profit growth of companies share market closed at its peak level of last 16 months yesterday. Nifty marked a record of 16 months whereas Sensex closed at its peak of 13 months. The market cap of the companies listed on BSE crossed Rs 1.1 lakh crore and made a new record.  According to market sources, after nifty crossing the psychological level of 8800 and Sensex crossing 28000 purchase increased. Nifty rose to 8,810.20 from 136.90 and Sensex reached to 28,343.01 from 440.35.

Nifty hits high in last 16 Months

Kotak Mahindra AMC’s Chief Investment Officer, Harsh Uppadhyay said ‘no bad news coming for market. Investment in shares is increasing continuously. This will keep the market in Boom for short term.’ On Tuesday market observed an increase from all around. Nifty’s Auto index reached its all time high level and closed at 9,866.05. Maruti Suzuki and Bajaj Auto played a major role for this. Nifty’s Bank Index jumped 1.6% and reached to 19,531.55, which is the highest level after March 2015. Meanwhile, BSE mid-cap Index record also reached its highest level. IT stocks also showed good recovery. Nifty’s IT index rose to 10,572.30 by increasing 1.8%.

On Tuesday, FPI and DII purchased shares of 390.63 and 485.14 crores respectively. This year, by now, FPI and DPI have invested about 40,100 and 10,600 crores each. As per the market sources, inspite of increased valuation the market will remain high. They are waiting till Friday for American job data which will be helpful to predict the global market conditions.

Chief Investment officer, Navneet Mannot, of SBI mutual fund stated “that increase in market investment means that people are ready to take more risk. This also indicates rise in confidence of investor in economy”.

According to the derivative analysts, volatility index fell down to 13.02 which is the lowest of its 17 months. CIO , ICICI securities’, Piyush Garg said that Nifty might show an increase of about 100-150 points but it will take some time.

Nifty hits 8800: Nifty at peak in last 16 Month is written by Pankaj Sharma
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