Indian stocks continue to remain buoyant
Sep 08, 2023
New Delhi [India], September 8 : The latest bull run in Indian stock markets continues with the benchmark indices tracking in the green early on Friday.
Sensex and Nifty were at 66,469.29 points and 19,777.30 points, up 0.31 per cent and 0.31 per cent, respectively. Most Nifty sectoral indices too were firm today.
Firm buying by domestic institutional investors and retail investors has lent support to the market fundamentals.
"Sustained DII investment supported by strong retail buying is driving the market higher in spite of FII (foreign institutional investors) selling,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Indian stock markets had 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, which 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 1.31 lakh crore bought cumulatively in 2023, was a positive indicator for the markets.
In a bullish outlook for Indian stock markets, Morgan Stanley has recently said it expects the key indices to rise 10 per cent by the time the country votes in the next general elections in the summer of 2024.
