The Indian stock markets continued their uptrend on Thursday, with the BSE Sensex closing above the significant 80,000 mark. Both the Nifty index and the Sensex achieved new highs during the session, with the Nifty closing at 24,302 points and the Sensex settling at 80,049 points. The positive market sentiment was driven by a stronger rupee against the US Dollar, weak US economic data, and increased global risk appetite. However, gains were limited by high crude oil prices and investor caution ahead of the US non-farm payrolls report.
In the broader market context, all indices on the National Stock Exchange, except the Nifty Small Cap 50, recorded gains. However, sectoral indices displayed mixed performances, with Nifty Financial Services, Nifty FMCG, Nifty Media, Nifty Metal, and Nifty Consumer Durables all closing with declines. Among the top performers in the Nifty 50 index were Tata Motors, HCL Tech, ICICI Bank, Sun Pharma, and TCS, while HDFC Bank, Bajaj Finance, Adani Enterprises, Wipro, and Tech Mahindra were the top losers.
The market breadth was positive, with a total of 2,788 stocks opening for trade on Thursday. By the close of the session, 1,527 stocks had advanced, 1,175 had declined, and 86 remained unchanged. Data from the National Securities Depository Limited (NSDL) indicated promising investments in the Indian markets in the current month. Within the first three days of July, Foreign Institutional Investors (FIIs) invested a net amount of Rs 3,057 crore, while Domestic Institutional Investors (DIIs) infused Rs 3,641.25 crore.
The combined support from both domestic and foreign investors has played a significant role in boosting the bullish sentiment in the market. The strong performance of the Indian markets and the positive outlook among investors towards the Indian economy’s prospects have been highlighted by the inflows from FIIs and DIIs. These investments have contributed to the market’s upward trajectory, reflecting the continued confidence in the resilience and potential of the Indian economy.
Overall, the Indian stock markets have shown resilience and strength, despite challenges such as high crude oil prices and global economic uncertainties. The positive market sentiment, driven by a stronger rupee, increased global risk appetite, and favorable investment inflows from both domestic and foreign investors, has contributed to the market’s strong performance. The ongoing bullish trend in the Indian markets indicates confidence and optimism among investors about the future prospects of the Indian economy.
