The Indian stock market is on a roll! For the sixth consecutive session, Sensex and Nifty ended in the green, continuing their bullish streak. The BSE Sensex jumped over 1,078.87 points or 1.40%, ending the day at 77,984.38, while Nifty also closed at 23,658.35, gaining 307.95 points or 1.32%.
“Short covering ahead of monthly F&O expiry later this week fuelled the rally as Sensex breached the psychological 78k mark intra-day on across-the-board buying. Renewed optimism by foreign investors after a sharp fall in local currency coupled with strong US and European market cues further bolstered the sentiment. Also, the moderating domestic inflation and hopes of further cuts in interest rates have temporarily offset the concerns of tariff-related global uncertainty,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
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Among the top gainers in today’s session, Kotak Bank, NTPC, SBI, Tech Mahindra, and Power Grid led the rally. On the other hand, the key laggards included Titan, IndusInd Bank, Zomato, Mahindra & Mahindra (M&M), and Bharti Airtel, which faced selling pressure.
One of the biggest reasons behind the ongoing market rally is the return of Foreign Institutional Investors (FIIs). After months of persistent selling, FIIs have turned net buyers in three of the last four sessions.
Interestingly, this market rally comes despite global worries. Investors worldwide are cautious over the potential US tariffs set to take effect from April 2, but Indian markets seem to be brushing off those fears.
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