US market slide may spoil D-Street rally

MUMBAI: A day after the sensex closed above the 60k mark, the Nifty crossed the 18k milestone with financials and Reliance Industries contributing majorly to the upsurge. Market players were enthused after both the leading indices crossed their respective milestones. However, the feel-good factor was short-lived as US markets opened deep in the red after the latest inflation data in the world’s largest economy showed a less-than-expected moderation in the price-rise index that’s at a multi-decade high.

On Tuesday, the sensex and the Nifty both opened sharply higher on the back of strong overnight global cues. The surge came despite a higher-than-expected inflation reading in India and slower industrial production, as both data were released after markets closed on Monday. As foreign funds pressed on with their buying in the Indian market, the Nifty closed at 18,070 points, up 134 points, while the sensex closed at 60,571 points, up 456 points. Both the indices are at their six-month high levels.

Data from the BSE showed that while foreign portfolio investors had a net buying figure of Rs 1,957 crore, domestic institutions were net sellers at Rs 1,268 crore.

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