As FII inflows hit $20 bn, Sensex scales new highs | business | Hindustan Times
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As FII inflows hit $20 bn, Sensex scales new highs

business Updated: Oct 06, 2010 23:43 IST
HT Correspondent
HT Correspondent
Hindustan Times
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Foreign institutional (FII) inflows, which have started worrying the Reserve Bank of India because of its impact on the rupee, are pushing stocks to new highs. Even as the RBI on Tuesday said it may consider steps to control the flow of foreign funds, FIIs pushed Sensex to a new 32-month high of 20,543 on Wednesday — a gain of 135 points, or 0.7 per cent.

The Nifty also rose 0.7 per cent to close at 6,186.

In what has been emerging as a clear trend for more than a month, FIIs pumped in R970 crore on Wednesday, taking the total FII investment in 2010 to an all-time monthly high of R93,969 crore ($20.5 billion).

The strong inflows have also pushed the rupee to 44.5 against the US dollar, compared to R47 to a dollar a month ago.
The Indian markets, however, were not the frontrunner as they lagged the gains of other Asian and European markets.
The Chinese Shanghai Composite Index rose by 1.7 per cent, while Japan’s Nikkei 225 gained 1.8 per cent. European indices were also trading around 1 per cent higher over their Tuesday closing.

Real estate, metal and oil & gas were the biggest sectoral gainers. The three sectoral indices rose by 2.8 per cent, 2.3 per cent and 1.1 per cent, respectively.

Reliance Industries rose by 2.1 per cent, while Jaiprakash Associates was the biggest gainer among Sensex companies with a gain of 6.7 per cent.