New Delhi: The Dalal Street witnessed yet another peak in the markets, with both benchmark indices BSE Sensed and NSE Nifty registering record highs. The 30-index scrip jumped over 500 points while the 52-stock index surged past 20,000 mark. BSE Sensex, with repeated gains over last few days, breached the 67,000 mark.
Almost all the sectors remain in the green today, which apparently was a reflection of successful conclusion of G20 Summit in New Delhi.
Market experts however saw more reasons in the fresh bull rally that showed up in markets today:
G 20 Summit
India’s diplomatic triumph and the G20 Delhi Declaration paved the way for greater optimism in the markets. Moreover, the proposed corridor between India and Europe has great potential of opening new doors of economic growth.
According to market experts, an element of euphoria has set in the stocks with big projects in pipeline and this reflect in resounding rally today.
FII inflows
A couple of market experts said that the recent rally in benchmark indices have been driven by participatory rally. They saw good FII inflows by the FIIs, DIIs & Indian retail investors have added fresh vigour to stocks.
Recent data suggests good spike in SIP contributions of people, doubling of equity mutual fund inflows on back of positive market sentiments.
Macro-economics at play
The top gainers in the markets today were Reliance pack and bank stocks while Adani Ports was another top gainer. Barring a few stocks, all sectors saw rally in the market. The rise in value & m-cap of these mega stocks added positive outlet to the markets.
The hopes of easing inflation and decline in vegetable prices also added to sentiments. China is said to be returning from deflation while US has more or less stabilized rate hikes. All this has contributed to positive market sentiments and this reflected in the sudden and record spike in stock market.
