Sensex flat at 61,716 in early trade whileNifty50 was unchanged at 18,354.- Except for Japan’s Nikkei all other
Asian markets were trading in the green – China’s Shanghai Composite index rose 0.75%, Taiwan’s TSEC 50 Index was up 1.19% and South Korea’s Kospi nudged up 0.1%. - Strong FII inflows, especially in November, have boosted the benchmark indices to near their all-time highs.
The Sensex was flat at 61,716 in early trade while the Nifty50 was also unchanged at 18,354.
Except for Japan’s Nikkei, all other Asian markets were trading in the green – China’s Shanghai Composite index rose 0.75%, Taiwan’s TSEC 50 Index was up 1.19% and South Korea’s Kospi nudged up 0.1%.
Strong foreign institutional investors (FII) inflows, especially in November, have boosted the Sensex and the Nifty50 to near their all-time highs of 62,245.43 and 18,600 respectively.
“Amid a weak YTD (year-to-date) performance by global equity markets, FIIs turned net buyers in India since July, after selling heavily for nine consecutive months,” said a report by BNP Paribas.
“From July 2022 onward — since FIIs turned net buyers in India (c$6b) — FIIs have been more positive on the sectors linked to the domestic economy such as FMCG, BFSI and auto (inflows of c$3b) vs export-oriented sectors like IT and oil and gas (O&G). Having said that, FII holdings in BFSI remain significantly below the pre-Covid level and in our view, continued inflows could drive a further rally,” added the report.
Meanwhile, the
Benchmark Brent crude prices gained 0.2% to $96.18/barrel on Monday as China, the world's top crude importer, eased some of its strict Covid-19 restrictions, boosting hopes of a surge in demand on expectations of recovery in economic activity.
Auto, IT and metal stocks were among the top performers on the indices on Monday with Hindalco Industries the top gainer. Dr Reddy’s Laboratories was the top loser on the Nifty50.
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