During the last two trading sessions, FPIs sold Rs 5,000 crore.
According to V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, India’s market is displaying underlying strength despite recent Foreign Portfolio Investor (FPI) selling of Rs 5,000 crore over the last two trading sessions, which may limit bullish sentiments. However, prominent market players like Reliance Industries (RIL), HDFC Bank, ICICI Bank, Larsen & Toubro (L&T), and ITC are performing well.
The US market’s soft landing expectations for its economy are driving positive sentiments globally, including in India, which is further supported by India’s robust economic performance. The incoming data indicates that these fundamental factors will continue to support the market.
In the US, inflation is showing signs of a downward trend, while the economy remains resilient, contributing to the continued winning streak for the Dow and Nasdaq, with the Dow experiencing its third consecutive week of gains and the Nasdaq its fifth.
As of the latest update, the BSE Sensex is up 150 points at 66,310 points, with NTPC being the top gainer. The rally is being led by power stocks like NTPC, up more than 2 per cent, and Powergrid, up more than 1 per cent. Additionally, Tata Steel is up more than 2 per cent, and IT stocks such as Tech Mahindra, TCS, and Wipro are up more than 1 per cent in trading.
