[ad_1]
The investors got richer by more than 7 lakh crores as the domestic equity market extended its winning streak to the fourth consecutive day on Wednesday. The Indian market rose by more than three and half per cent in the rally that began on July 15, when the Nify50 closed higher by 0.69%.
Meanwhile, the wealth of investors grew by Rs 7.43 lakh crore in the four-day rally as the market capitalisation of BSE-listed companies grew from Rs 2,50,65,980.65 crore on July 14 to Rs 2,58,08,465.72 crore on July 20.
The rally was attributed to a slowdown in FIIs selling, improved global sentiments, cool off in commodity prices, and better fundamentals of the Indian economy.
On Wednesday, the Nifty50 gained 1.1% (180.30 points) to close at 16,520.85, while the Sensex added 629.91 points (1.15%) to settle at 55,397.53.
“Indian stocks led a steady climb as a result of encouraging signals from both domestic and international markets. Reduced export duty and windfall taxes improved the mood of oil producers. Strong quarterly results in the US market boosted the rally, while the European market rose as worries over Europe’s energy supply eased,” said Vinod Nair, Head of Research at Geojit Financial Services.
If sustained buying from FIIs prevails, it will provide a cushion to the upward rally in the domestic market, added Nair.
Santosh Meena, Head of Research, Swastika Investmart Ltd, suggests traders and Investors to use any small dip as a buying opportunity. “However, things won’t be as easy as it was last year. Therefore, stock selection will be important,” he added.
[ad_2]
Source link
