Tuesday, February 20, 2024
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Indian Equity Markets Witness Impressive Gains Despite Global Headwinds

Indian benchmark indices, the BSE Sensex and Nifty 50, defied subdued global trends and recorded over a 2 percent increase each during the previous week. Strong domestic macroeconomic data, a breather in August, and unwavering support from domestic institutional investors fueled this remarkable rally.

As of 10:40 am, the Sensex had surged 344.27 points or 0.52 percent to 66,943.18, while the Nifty had risen by 115.70 points or 0.58 percent to 19,935.70 points. Both indices neared their record highs of 67,619.17 and 19,991.85, respectively.

Notably, these gains occurred despite a surge in Brent crude prices, an uptick in the dollar index, rising yields on US benchmark 10-year bonds, and continuous selling by foreign institutional investors. While foreign institutions sold Indian equities worth Rs 9,321.41 crore over the past week, domestic institutional investors bolstered their investments, purchasing equities worth Rs 4,572.14 crore.

The broader market also witnessed a substantial rally, with the Nifty Smallcap 100 and Nifty Midcap 100 indices outperforming the benchmarks and reaching new all-time highs throughout the week. These indices extended their gains, establishing fresh record highs in the current session.

“In the broader market, midcap and smallcap stocks attracted strong buying interest, even though their valuations were relatively high. Heightened order inflows made sectors like infrastructure and realty particularly attractive to investors during the week.

Rupesh Kumar Singh
Rupesh Kumar Singhhttp://www.news-next.in
Rupesh Kumar Singh, a seasoned journalist since 2005, excels in crime and business journalism, known for accuracy and insightful reporting.
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