The high-pitch rally in the stock market in July has a rather curious reason behind it. Market regulator SEBI's directive on participatory notes (PNs) or offshore derivative instruments (ODIs) is seen as a trigger for bourses turning bullish.
The stock markets are on a roll over the past few months. Leading equityindices, the Sensex and the Nifty, have toppled their lifetime highs on quite a few occasions lately. Both the indices have surged past 32,000 (Sensex) and 10,000 (Nifty) points, bringing cheer to market players.
The stock market appears to be buying the bullish India story rather enthusiastically. Stock market investors are indeed buoyed by a strong and stable Narendra Modi government and its big reforms push. A relatively-smooth rollout of the GST, one of the major reforms in recent times, has further propelled stocks to stratospheric heights.
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