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Markets Hit All-Time High Amid Strong FII Comeback

Rajeshwari R by Rajeshwari R
May 26, 2024
in Business
Reading Time: 3 mins read
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Markets Hit All-Time High Amid Strong FII Comeback

Markets Hit All-Time High Amid Strong FII Comeback

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Mumbai: Indian Equity Benchmarks Reach Record Highs Amid FII Resurgence

This week, Indian equity benchmarks reached an unprecedented peak as the Nifty index surpassed the 23,000-point mark, driven by a robust resurgence from foreign institutional investors (FIIs).

The Nifty closed at 22,957 after achieving a new intra-day high of 23,026, marking an increase of 455 points or 2.02 percent. Meanwhile, the Sensex concluded the week with gains of 1,404 points or 1.90 percent, ending at 75,410 after hitting a new high of 75,636.

The rally was primarily led by large-cap stocks, with the BSE large-cap index rising nearly 2 percent over the week.

Notable gainers included Adani Energy Solutions, Hindustan Aeronautics Limited (HAL), Adani Total Gas, Adani Power, Bharat Electronics Limited (BEL), Adani Enterprises, and Hindustan Zinc. Conversely, major laggards were Indigo, Zydus Lifesciences, Bajaj Holdings, Sun Pharma, Nykaa, and Zomato.

Midcap and small-cap stocks also experienced substantial gains this week.

In the midcap segment, significant gainers were Vodafone Idea, Uno Minda, Solar Industries India, Union Bank of India, Aditya Birla Fashion and Retail Limited (ABFRL), Balkrishna Industries, Zee Entertainment, and Samvardhana Motherson International. Major losers included Deepak Nitrite, Max Financial Services, PB Fintech, and Max Healthcare Institute.

In the small-cap category, RVNL, Bharat Dynamics, PNC Infratech, Cochin Shipyard, Finolex Cables, Garden Reach Shipbuilders, and Dredging Corporation emerged as major gainers, while Parag Milk Foods, Dodla Dairy, Global Health, and IFGL Refractories were among the major laggards.

FIIs sold approximately ₹1,165 crore worth of stocks this week, the lowest in several weeks, indicating a return to buying by foreign investors. Concurrently, domestic investors injected ₹6,977 crore into the Indian markets this week.

Market experts suggest that the current environment is gradually shifting in favor of the ruling coalition.

“The base case scenario appears to be a clear verdict in favor of BJP/NDA. Additionally, the massive selling by FIIs has ceased, and they have even turned buyers in recent days,” they stated.

Looking ahead, as election outcomes become clearer, FIIs are expected to increase their investments in India to capitalize on the post-election rally.

“The rally might commence even before the election results are announced,” they added.

Tags: BSE SensexFIIindexIndiaMarketTOP

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