Investors turned richer by ₹5.8 lakh crore overnight as Indian benchmark indices rose the most in 14 months on Monday, following the Bharatiya Janata Party's (BJP) thumping victory in three heartland states. According to market veterans, the rally underscores investor belief in the 'Modi premium' that could see the government win comfortably at next year's Lok Sabha election.
However, in the first sign of caution in a blistering rally, retail and wealthy investors initiated cumulative short positions of 11,738 contracts on Nifty and Bank Nifty futures on Monday, after being net buyers for over two months. To be sure, foreign portfolio investors (FPIs) cut their cumulative net shorts sharply to 25,358 contracts from 47,161 contracts on Friday.
Driven by institutional purchases and index futures' shortcovering by FPIs, the Nifty and the Sensex rose over 2% each, the most in a single session since October 4, 2022. The benchmarks vaulted to their highest-ever levels of 20,702.65 and 68,918.22 during the day, before closing at all-time highs of 20,686.80 and 68,865.12, gaining 418.90 points and 1,383.93 points, respectively.
In contrast, when the BJP lost power in the three states of Rajasthan, Madhya Pradesh and Chhattisgarh five years ago, the markets had closed flat.
هذه القصة مأخوذة من طبعة December 05, 2023 من Hindustan Times.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
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هذه القصة مأخوذة من طبعة December 05, 2023 من Hindustan Times.
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
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