Equity mutual funds record inflow of over Rs 41000 crore in Oct
The move also marks the 44th consecutive month of net inflow in the equity-oriented funds, highlighting the ever-increasing appeal of mutual funds among investors.
Positive global cues emanating from the US buoyed India’s key stock indices during the afternoon trade session on Thursday.
Accordingly, both key indices – S&P BSE Sensex and NSE Nifty50 – rose after the US Federal Reserve kept interest rates unchanged.
Initially, the Indian equity benchmarks indices made gap-up openings with volumes in the markets being above average.
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Sector wise, all indices witnessed buying, led by Realty, PSU, and Metal stocks.
At around 12.15 p.m., S&P BSE Sensex traded at 59,677.47 points, higher by 750.14 points or 1.27 per cent from its previous close.
Similarly, NSE Nifty50 inched up. It rose to 17,758.80 points, higher by 212.15 points or 1.21 per cent from its previous close.
“Nifty opened gap up on Sept 23 following positive Asian cues and extended gains till noon,” said Deepak Jasani, Head of Retail Research, HDFC Securities.
“Nifty is marching towards 18,000 mark slowly and steadily, unless some global event (like Evergrande) upsets this momentum.”
According to Gaurav Garg, Head of Research CapitalVia Global Research: “Sentiments got a boost with the commerce and industry ministry’s statement that foreign direct investment equity inflow into the country more than doubled to $20.42 billion.”
“Some support came from the Reserve Bank Governor, who emphasized the importance of investing heavily in infrastructure, education, and the digital economy in order to achieve long-term growth.”
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