ANI
04 Aug 2022, 15:18 GMT+10
New Delhi [India], August 4 (ANI): The rally in Indian stock indices extended for seven straight sessions on Friday 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. (ANI)
Get a daily dose of Milwaukee Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Milwaukee Sun.
More InformationGUAM: After Typhoon Mawar brought strong winds and torrential rains, large areas of the US Western Pacific territory of Guam ...
NEW YORK CITY, New York: In one of the largest known Chinese cyber-espionage campaigns against American critical infrastructure, a state-sponsored ...
SAN FRANCISCO, California: Sam Altman, CEO of ChatGPT-maker OpenAI, has said the company could consider leaving Europe if it could ...
WASHINGTON D.C.: Reuters has reported that US President Joe Biden's nominee for a federal judge position in Kansas, Jabari Wamble, ...
WASHINGTON D.C.: Jennifer Homendy, head of the US National Transportation Safety Board, has said the US will investigate recent near ...
MIAMI, Florida: Four Chinese citizens living in Florida have sued the state over a new law barring citizens of China ...
CHICAGO, Illinois: Boosted by an ongoing shortage of previously owned houses on the market and a considerable drop in prices ...
Among the season-high seven home runs the Houston Astros slugged in their 10-1 road win over the Oakland Athletics on ...
Isaac Paredes homered and drove in four runs, and Wander Franco chipped in with two hits and two RBIs to ...
William Contreras hit a two-run homer and drove in three runs Sunday afternoon to help the Milwaukee Brewers beat the ...
Texas is set to hire former Wisconsin and Pitt head coach Paul Chryst as an offensive analyst and special assistant ...
William Contreras hit a two-run homer and drove in three runs Sunday afternoon to help the Milwaukee Brewers past the ...