Will the Indian stock market continue its upward momentum this week? Here's what experts say

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Also Read: Silver prices up 18% YTD; should you prefer silver to gold for investments? Furthermore, strong domestic buying, improved voter turnout in the fourth phase, and stability in crude oil prices also played significant roles in driving the market higher. Also, markets received a boost after US benchmark indices reached record highs. Metal stocks, on the other hand, surged significantly following China's announcement of a comprehensive stimulus package aimed at bolstering its distressed property market.

The measures include the relaxation of mortgage regulations and encouragement for local governments to purchase unsold homes. Also Read: Market Meltdown: Indian stocks lag behind global peers in May In the latest trading session, the Nifty Metal index surged to a record high of 9,633 points, marking a significant milestone. The index closed with a notable gain of 7.03%, reflecting strong bullish momentum in the metal sector.

Despite considerable FII selling, the market has demonstrated resilience, largely due to DIIs absorbing the majority of selling. Trendlyne data showed that out of the last 13 sessions, FIIs remained net sellers in 11, withdrawing Rs. 35,527 crore from the Indian stock market.

Conversely, DIIs countered this by purchasing nearly an equivalent amount, with ₹33,973 crore being invested during this period. "The main trigger for the FII selling has been the outperformance of the Hong Kong index Hang Seng, which shot up by 19.33% during the last one month. FIIs are moving money from expensive markets like India to cheap markets like Hong Kong, where the PE is around 10 compared to around 20 PE in India," said Dr V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.