Mkt Bulls Make Nifty Gains to Reach 16000

Indian stocks soared to new highs on Tuesday with the Nifty crossing 16,000 for the first time ever, as retail investors’ undiminished appetite for equities helped shrug off concerns over recent foreign fund outflows.

Fund managers and strategists said indicators are pointing to more market strength in the near term as subsiding Covid-19 infections in most states and the easing of restrictions have boosted risk sentiment.

The BSE Sensex rose 872.73 points or 1.65% jumped 245.60 points or 1.55% to end at 16,130.75. The spike helped the Nifty break past the elusive hurdle of 16,000, forcing traders to square off derivative positions that bet on limited upside for the index.

Fund managers said the recent leg of the market up move has been fueled by retail money, which has helped Indian equities survive the emerging market selloff in recent weeks.

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