PM talk peps up stocks
Investor optimism over the unlocking of the domestic economy on Tuesday amid comments made by Prime Minister Narendra Modi at a CII event saw the Sensex rallying 522 points and the Nifty closing a few points away from the psychological 10000-mark.
At the session, Modi said that India will get its growth back and that more structural reforms would be undertaken to change the course of the country.
While stocks overlooked the rating downgrade by Moody’s, market mavens said that the current momentum is likely to continue with the focus now shifting to the progress of the monsoon and the possible announcement of more reform measures by the government.
After opening in the green at 33450.19, the 30 share Sensex hit an intra-day high of 33866.63, marking a gain of 563 points over the last close.
Foreign portfolio investors also lent support and provisional data showed them making net purchases of Rs 1600 crore on Tuesday.