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FII shopping for takes Nifty close to file excessive

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MUMBAI: FIIs’ relentless shopping for in money and index futures this month has propelled the Nifty to inside kissing distance — 1.36 per cent shy — of its file excessive of 12,430.5 in January this 12 months.

Since October 30, the Nifty has gained 5.33 per cent to shut at 12,263.55 Friday, and Bank Nifty 12 per cent, with FIIs buying Rs 11,434 crore of shares, together with Friday provisional numbers, by means of 5 classes this month.

Coupled with money purchases, they’ve turned internet lengthy cumulatively on index futures by 35,787 contracts as of November 6 from being internet brief 25,396 contracts on October 30.

Nilesh Shah, MD, Kotak Mahindra Asset Management Company, attributes the shopping for largely to the PM’s current meet with massive world institutional traders managing $6 trillion in property.

“Aside from the Q2 results, which have significantly beaten street expectations, the proverbial icing on the cake was the PM showcasing India as the investment destination of choice to global investors.”

The vary of the market, going by weekly Nifty possibility contracts, has shifted to 12,000-12,500 from 11,500-12,000.

“The buying in cash and futures by FIIs has given our market the fillip to near its record high and I think we are on course to make a fresh high,” stated Rajesh Palviya, derivatives head, Axis Securities.

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