Buoyed by robust buying from foreign portfolio investors (FPIs), Indian equity benchmarks soared to new heights on both intra-day and closing levels on Friday. Strong foreign inflows also bolstered the rupee, which reached a two-month high against the dollar.
FPIs recorded their largest single-day equity purchase since February 24, 2021, with net investments totaling ₹14,064 crore. They flocked to Indian stock markets, spurred by expectations of at least two more rate cuts by the US Federal Reserve in the coming months. Their appetite for riskier assets was further fueled by a decline in US jobless claims and the rebalancing of the FTSE All World and FTSE All Cap indices.
The Sensex closed at 84,544, up 1,360 points or 1.6 per cent, while the Nifty 50 gained 375 points, closing at 25,791, up 1.5 per cent. Both indices posted their best single-day gains since 12 September. Over the week, the Sensex rose 2 per cent and the Nifty 50 1.7 per cent, marking their second straight week of gains.
The total market capitalization of all BSE-listed companies reached ₹472 trillion, with ₹6.2 trillion added on Friday alone.
In September, so far, FPIs have net bought equities worth ₹46,260 crore, the highest since June 2023.
This has also supported the rupee, which saw its strongest weekly gain (0.4 per cent) against the US dollar this year.
هذه القصة مأخوذة من طبعة September 21, 2024 من Business Standard.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة September 21, 2024 من Business Standard.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
Venezuelan crude flows to state refiners via 3rd parties
STAGING A COMEBACK Oil imports from Venezuela (In $ mn)
Vi rings in $3.6 bn gear deal with global vendors
Mega pact comes a day ahead of telco's meet with investors, analysts
iPhone 16 series made in India, but still costlier: Blame 18% GST
Differential with US, UAE, Thailand significant despite lower launch MRPs
Bajaj now third most valued finance group
With combined mcap of ₹10.36 trn, it goes past SBI group
We are now an independent company, says Aakash CEO
With Byju's facing insolvency, AESL chalks out '2.0' strategy
No EV unit planned beyond Chakan: M&M
UV maker Mahindra & Mahindra (M&M), which enjoys a 21.6 per cent revenue market share in the segment, is progressing with its upcoming electric vehicle (EV) and EV battery manufacturing plant in Chakan.
InGovern raises concern over delay in Religare AGM
Proxy advisory firm InGovern on Sunday expressed concern over governance in Religare Enterprises amid a delay in its annual general meeting (AGM) without a valid reason, and called for a comprehensive probe by the Securities and Exchange Board of India (Sebi) into the postponement.
Tupperware boxed in by stiff competition in India
Tupperware, the iconic maker of colourful, stackable plastic containers, last week filed for bankruptcy in a US court – a move that lifted the lid on its financial problems.
Need to balance privacy and AI innovation: ITIC
Global tech body Information Technology Industry Council (ITIC) has urged the Indian government to strike a balance between individual privacy and innovation in the country's upcoming rules under the Digital Personal Data Protection (DPDP) Act.
Fully compliant: DreamFolks amid airport lounge issues
DreamFolks, a lounge access provider, clarified on Sunday that all its \"contractual agreements remain in full force\" amid disruptions experienced by passengers accessing airport lounges.