The current leg of the rally has been supported by strong foreign and domestic institutional buying. While foreign institutions have purchased equities worth Rs 42,886 crore, domestic mutual funds bought shares worth Rs 17,800 crore. With global tailwinds and impressive flows into systematic investment plans, experts expect the buying by institutions to continue.
The outperformance of Indian equities along with strong appreciation in the rupee against the dollar has pushed India to the number one spot among the global indices in 2017. The Nifty went up 21 per cent in dollar terms during the financial year so far. India is followed by South Korea and Taiwan on the list of best-performing markets.
It took the Sensex 711 trading sessions to gain the last 5,000 points and reach 30,000. It had closed above the 25,000-mark on June 5. 2014. The rise from 20,000 to 25,000 took 1,511 trading sessions – the highest— and 109 sessions to go up from 15,000 to 20,000 – the shortest.
Biggest gainers since previous high
Domestic car maker Maruti Suzuki has posted the biggest rally since March 4, 2015, the previous record high closing day for the Sensex. Its stock has rallied 74.6 per cent during the period. Reliance Industries, HDFC Bank, Bajaj Auto and GAIL are the other top performers .
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