FPIs become net buyers in June quarter as inflows surge to 10-month high; Nifty crosses 19,500-mark
Indian equities hit a 10-month high of ₹45,286 crore in June, according to data from the National Securities Depository Ltd (NSDL). Over three-fourths of the purchase, aggregating ₹34,025 crore, occurred in the second half of June, propelling domestic benchmarks Sensex and Nifty to record highs by the end of the month. Both the Nifty 50 and the S&P BSE Sensex rose more than three per cent last month.
So far, FPIs were net buyers in each of the three months of fiscal 2024, adding equities worth over ₹1 lakh crore. The Nifty 50 rose nearly 11 per cent in the April-June quarter of current fiscal, which was "entirely supported by foreign inflows," analysts at Goldman Sachs said in a note. On Thursday, Sensex gained 340 points, or 0.52 per cent, to end at a record closing high of 65,785.64 while the Nifty rose 99 points, or 0.51 per cent, ending at a record closing high of 19,497.30.
As many as 232 stocks, including Hindustan Unilever, Larsen & Toubro, Mahindra and Mahindra, Nestle, NTPC, Power Grid and Tata Motors, hit their fresh 52-week highs in intraday trade on the BSE. The inflow by foreign investors is helping to sustain the ongoing rally despite weak global cues. India’s underperformance during the year is expected to reverse the moving ahead, according to market analysts.
‘’The mid- and small-cap segments have outperformed the benchmark index, with realty, oil & gas, power and consumption stocks leading the sectorial rally as provisional & economic data suggest a good Q1FY24 results. However, global markets are displaying a negative trend, influenced by hawkish FOMC minutes and US-China tensions,'' said Vinod Nair, Head of Research at Geojit Financial Services. Also Read: Top gainers, losers today: M&M, Powergrid,
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