The benchmark indices were trading in the green early on Friday, continuing the most recent bull run in the Indian stock markets.
Sensex and Nifty were at 66,469.29 points and 19,777.30 points, up 0.31 per cent and 0.31 per cent, respectively. Most Nifty sectoral indices too were firm today.
Firm buying by domestic institutional investors and retail investors has lent support to the market fundamentals.
“Sustained DII investment supported by strong retail buying is driving the market higher in spite of FII (foreign institutional investors) selling,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
With a gain of almost 1% last week, Indian stock markets were able to end a five-week losing streak. India’s consistent GDP growth rate of 7.8% in the first quarter (April–June) of 2023–24, which makes India the fastest–growing major economy, is a significant factor in the improved investor sentiment. Additionally, up until August, foreign portfolio investors (FPIs) remained net buyers on the Indian stock markets. The fact that FPIs continued to show interest and purchased equity assets totaling Rs. 1.31 lakh crore in 2023 was a good sign for the markets.