Monday, October 3, 2022
More

    Home Entertainment Bull Run In Indian Stocks Continues For Seventh Day

    Bull Run In Indian Stocks Continues For Seventh Day

    New Delhi [India]: The rally in Indian stock indices extended for seven straight sessions on Thursday largely on account of the return of foreign portfolio investors to India after multiple months as well as inflation seemingly plateauing.


    At 9.47 a.m., Sensex traded at 58,618.34 points, up 267.81 points or 0.46 per cent, whereas Nifty traded at 17,476.55 points, up 88.40 points or 0.51 per cent. Among the Nifty 50 stocks, 39 rose this morning and the rest traded in the red, National Stock Exchange data showed.


    “In India, the FPIs turning buyers has changed the sentiments in favour of the bulls. The market momentum is so strong that it is overpowering negatives like higher valuations and rising trade deficit. If FPI buying sustains, the market may continue to remain resilient, but investors should exercise some caution,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.


    Foreign portfolio investors becoming net buyers in Indian stock markets again after nine long months renewed the investors’ sentiment.


    In July, FPIs bought equities worth Rs 4,989 crore and became net buyers after nine months, National Securities Depository (NSDL) data showed. Tightening of monetary policy in advanced economies including rising demand for dollar-denominated commodities, and strength in the US dollar had triggered a consistent outflow of funds from Indian markets. Investors typically prefer stable markets in times of high market uncertainty.


    Notably, the Indian stocks recorded their best weekly performance during the week to July 22 marking its best week since February 2021, supported by renewed buying, especially in banking and IT stocks, among others.


    During the past two weeks, Sensex and Nifty rose over 7 per cent on a cumulative basis. This week, the indices have cumulatively risen 3-4 per cent so far.

    RELATED ARTICLES

    Special Court Sends PFI Kerala Leader To 5 Days Of NIA Custody

    Kochi (Kerala) [India]: Special National Investigation Agency (NIA) Court here sent Abdul Sathar, a Popular Front of India (PFI) leader to five days of NIA custody for interrogation. ...Tap to read more.

    Uttar Pradesh Government Forms State’s First All-Woman PAC Battalions

    Lucknow (Uttar Pradesh): The Uttar Pradesh government on Monday announced the formation of the state's first three all-woman battalions of the Provincial Armed Constabulary (PAC), informed CMO officials. ...Tap to read more.

    BSF Seizes Pakistani Fishing Boat From ‘Harami Nala’ Creek Area Of Gujarat’s Kutch

    New Delhi [India]: The Border Security Force (BSF) on Monday seized one abandoned Pakistani fishing boat from 'Harami Nala' creek area near Bhuj in Kutch of Gujarat, along the India-Pakistan maritime boundary, the force said. ...Tap to read more.

    Most Popular

    Special Court Sends PFI Kerala Leader To 5 Days Of NIA Custody

    Kochi (Kerala) [India]: Special National Investigation Agency (NIA) Court here sent Abdul Sathar, a Popular Front of India (PFI) leader to five days of NIA custody for interrogation. ...Tap to read more.

    Uttar Pradesh Government Forms State’s First All-Woman PAC Battalions

    Lucknow (Uttar Pradesh): The Uttar Pradesh government on Monday announced the formation of the state's first three all-woman battalions of the Provincial Armed Constabulary (PAC), informed CMO officials. ...Tap to read more.

    BSF Seizes Pakistani Fishing Boat From ‘Harami Nala’ Creek Area Of Gujarat’s Kutch

    New Delhi [India]: The Border Security Force (BSF) on Monday seized one abandoned Pakistani fishing boat from 'Harami Nala' creek area near Bhuj in Kutch of Gujarat, along the India-Pakistan maritime boundary, the force said. ...Tap to read more.

    Sensex Plunges 638 Points; Maruti Suzuki, HUL, ITC Slump

    The Indian stock market's benchmark Sensex slumped 638 points on Monday dragged by last-hour heavy selling in auto, FMCG and banking stocks. .....Tap to read more

    Recent Comments