Stock market rallies, Nifty reclaims 11,000-mark (Ld)

Mumbai, July 20 (IANS) The Indian equity indices surged on Monday with the Nifty50 on the National Stock Exchange reclaiming the 11,000-mark.

The BSE Sensex settled nearly 400 points higher. Healthy buying was witnessed in finance, banking and consumer durables stocks.

The indices were supported by an inflow of foreign portfolio investments. Net FPI inflow on Monday stood at Rs 1,709.97 crore. Domestic institutional investors however took to selling during the session and stocks worth net value of Rs 1,521.99 crore were sold.

Rahul Sharma, Market Strategist and Research Head, Equity99 Advisors said: “We believe strong liquidity and rising participation of retail investors is driving the market. Of late, retail investors have preferred to invest directly in stocks rather than the mutual fund route.”

He said that ahead of July 2020 derivative series expiry, the market may remain volatile as short-sellers will look to cover up open positions.

Deepak Jasani, Head of Retail Research at HDFC Securities, said that further upsides are likely in Nifty once the immediate resistance of 11,038 is reached and 10,953 would be a crucial support.

On Monday, the Nifty50 closed at 11,022.20, higher by 120.50 points or 1.11 per cent from the previous close of 10,901.70 points.

The Sensex closed at 37,418.99, higher by 398.85 points or 1.08 per cent from the previous close of 37,020.14.

It had opened at 37,409.03 and touched an intra-day high of 37,478.87 and a low of 37,185.78 points.

–IANS

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