Mumbai, July 2 (IANS) The performance of the Indian equity indices has been stellar so far in 2024 due to the ongoing rally in the stock market. Sensex and Nifty both posted nearly 10 per cent gains in H12024 prompting the market experts to anticipate the ongoing rally to continue.
Frontline indices like Sensex and Nifty have been making new all-time highs almost every day for the last few days. On Tuesday, Sensex and Nifty made new all-time highs of 79,855 and 24,236 respectively.
Experts said that large Foreign portfolio investment (FPI) purchases and the probability of interest rate cuts by the Fed are driving the ongoing rally in the market.
Vinod Nair, Head of Research at Geojit Financial Services said, “We anticipate this trend will persist in the near term due to expectations of a rebound in discretionary spending. Investors are now focusing on upcoming US job data and the Fed Chair’s speech for further indication on interest rates.”
A total of Rs 26,565 crore has been invested by FPIs in the Indian stock market in June. They were net sellers in April and May.
Vipul Bhowar, Director of Listed Investments at Waterfield Advisors said, “The government’s continuity following the election results guarantees ongoing reforms. This has led to an improved GDP growth forecast, attracting Foreign Portfolio Investment (FPI) buying.”
“FPIs are favouring the financial, auto, capital goods, real estate, and select consumer sectors. It is expected that FPIs will make selective investments in specific sectors and stocks instead of broad-based buying across the market,” he added.
–IANS
avs/dpb
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
