Buying by domestic funds drives D-Street rally – OXBIG NEWS NETWORK-OxBig News Network

The day’s rally in the market came on the back of strong buying by domestic funds, while foreign portfolio investors (FPIs) continued to be the net sellers. End-of-the-day data on BSE showed that while domestic institutions were net buyers at Rs 2,373 crore, FPIs were net sellers at Rs 2,428 crore. The rally added nearly Rs 4 lakh crore to the investors’ wealth with BSE’s market capitalisation now at Rs 454 lakh crore, official data showed.

The domestic market also got a boost from the overnight rally on Wall Street that saw the Dow Jones index up about 1.2% while Nasdaq Composite was up 1.4%. The buoyancy on Dalal Street was across sectors with 27 of the 30 sensex stocks closing higher. Among the index’s constituents, HDFC Bank, Infosys and Reliance Industries contributed the most to the index’s rally. In the broader market, there were 2,779 gainers to 1,262 losers, BSE data showed.