Market Watch: Market Watch: Are FIIs the new bull on Dalal Street? | The Economic Times Podcast

A sharp rally in shares of oil refiner Reliance Industries, rare buying by foreign portfolio investors, slight weakness in the dollar and the overall positive sentiment across Asia lifted stocks on Wednesday.

The 30-share pack Sensex rallied 630 points or 1.15 per cent to end at 55,397. Its broader peer, Nifty50, settled above the 16,500 mark.

Tech Mahindra, HCL Tech, TCS and Reliance were top gainers of today’s session, rising 3-4 per cent. SBI, Infosys, Wipro, HUL, Titan, HDFC Bank also settled higher. On the flipside, M&M, Sun Pharma, Kotak Mahindra, Bharti Airtel, Power Grid settled with cuts in a strong session.

The BSE market capitalisation jumped Rs 1.57 lakh crore to Rs 258.12 lakh crore, as seven of every 10 BSE stocks rose and some 150-odd stocks hit their upper circuit limits.

Among sectors, Metals, IT and FMCG indices rose the most while Telecom and Power indices fell the most. Broad market indices underperformed.

Mr Siddhartha Khemka of Motilal Oswal said FIIs have turned buyers over the last two sessions as valuations turn comfortable while concerns are abating.

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