Nifty 50 tops 23,000 mark for the first time, reverses gains quickly to trade in the red
₹4671 crores. The massive short-covering caused by this sudden change in FII trade contributed to the sharp rally," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.Vijayakumar pointed out that the change in FII stance has been caused by the underperformance of the Hang Seng index, which has been down 4.1 per cent during the last five days."The outperformance of the Hang Seng had led to the 'sell India, buy China' trade during the last month.
It appears that this trade is over and that’s why FIIs have again turned buyers in India," said Vijayakumar.Nifty 50 is now up about 25 per cent from its 52-week low level of 18,333.15 which it hit on May 26 last year. (This is a developing story. Check for updates)Milestone Alert!
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