Indian stock market closed on record highs, Market Guru Anil Singhvi reveals why

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Talking about the action in the Stock Market on Friday, Anil Singhvi said that Indian stock market started the New Year on a very strong note. He said, “Indian stock market created record highs all five trading days this week. Nifty touched historic high of 14,050 and Sensex also succeeded in reaching close to 48,000 mark on Friday.  

The levels at which market closed on Friday was also a record high. All stock markets across the world were closed on Friday, except Indian market, which started the series on a strong note.” Market welcomed New Year with record closing on Friday, as Nifty closed above 14,000 mark for the first time and Sensex closed at 47,868.98. 

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The Market Guru said there were two main reasons behind this performance—a very good rollover and aggressive FIIs position in Indian stock market for January series. “Fund flow is already strong, while trends and sentiments are also equally good. This is what helped Nifty trade above 14,000 mark for almost the entire Friday,” he said.

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There was good action seen in government stocks, government banking stocks did exceedingly well, IT shares were again seen in action, he said. Zee Business Managing Editor said despite not very good cues from global market, Indian stock market was successful in posting record highs each day of the previous week. “Indian market started off with record new year high, record new month opening and record new decade high,” he said.