Sensex, Nifty scales new high on FII's fresh buying; DIIs still negative

The stock market of India scaled new high today on account of fresh buying by the foreign institutional investors (FIIs). The BSE Sensex scaled near 200 points and clocked its life-time highest levels of 41,553.45. The Nifty-50 index also scaled near 55 points and went past 12,200 for the first time and created its new high of 12,221.10 levels. 

Speaking on the reason for such a rise in the share market Prakash Pandey, MD & CEO at Plutus Advisors said, "This rise is mainly due to the FIIs pumping money in the Indian equity markets. This FII's money pump into the Indian stock market would continue till 31st December as the AMC fund managers are interested in their NAV management." Pandey said that the Indian market is moving but stock are not. He said that FII's favourite stocks are scaling northward and hence once the profit selling starts after December 31st, we can expect Nifty to come near 12,000 levels again. Pandey said that reason for stock not moving is the negative domestic institutional investors (DIIs), who are busy booking profit on these rises. However, he maintained that Auto, Metal and banking stocks will continue to lead the bull run on Dalal Street when both FIIs and DIIs will indulge in fresh buying.

See Zee Business Live TV streaming below:

In the banking sector, HDFC Bank share price shot up 1.58 per cent. Telecom major Reliance Communications share price shot up 4.71 per cent. Shares of KRBL, DHFL, Coffee Day Enterprise, Tata Elxsi, Rallis India, JSW Steel and Tata Steel were amongthe major gainers in the intraday trade while shares of Vodafone Idea, Delta Corp, Reliance Power, Bank of Baroda, SREI Infrastructure and PNB Housing Finance were among the major losing stocks.