Stock market closes in the green bolstered by bullish momentum, economic growth
This sustained interest from FPIs, with equity assets worth Rs 1.38 lakh crore bought cumulatively in 2023, is a positive indicator for the markets.
Mumba: Stock indices closed on a positive note on Tuesday with the Sensex gaining 152.12 points to reach 65,780.26 and the Nifty rising by 46.10 points to 19,574.90.
In a mixed day for Nifty companies, 33 were in the green and 17 in the red at the time of closing of markets.
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Among the Nifty companies, the top gainers included Apollo Hospitals, Coal India, Sun Pharma, BPCL, and ITC. Ultra Cement, Dr. Reddy, SBI Life, Maruti, and Eicher Motors were among the top losers when the market closed.
Varun Aggarwal, founder and managing director of Profit Idea, said the Nifty rally continues with a bullish momentum on the index and strong support at lower levels is evident.
“Small and mid-cap stocks have been surging in the last few sessions. Looking at how many small and mid-cap stocks are moving, we are likely to see this rally continue. The focus remains on IT, media, metal, banks, and chemicals stocks,” he said. Â “Bias remains strong on selected blue-chip stocks, index high-weightage stocks like HDFC Bank and Reliance are consolidating and look bullish from the current levels. Also, if they start an upward trajectory, Nifty is set to cross the 20,000 mark,” he added.
Indian stock markets managed to break a five-week losing streak, registering nearly one per cent gain last week. A significant factor contributing to the improved investor sentiment is India’s firm GDP growth rate of 7.8 per cent in the first quarter (April-June) of 2023-24. This makes India the fastest-growing major economy.
Moreover, foreign portfolio investors (FPIs) continued to be net buyers in Indian stock markets for the sixth consecutive month until August. This sustained interest from FPIs, with equity assets worth Rs 1.38 lakh crore bought cumulatively in 2023, is a positive indicator for the markets.
