FIIs have remained net buyers to the tune of Rs 17,133 crores in the last eight trading sessions, says Siddhartha Khemka, Head Retail Research, Motilal Oswal Financial Services.
Nifty continued its winning streak for the sixth consecutive day and closed with gains of 168 points (+0.8%) at 20855 levels. Metals, Banking, Oil & Gas and Consumer Durables were among top gainers in the sector, he said.
Rally was seen in Adani Group stocks after Bloomberg reported US agency concluded
accusations against the conglomerate weren’t relevant. Upstream Oil companies were also in focus after OPEC+ extended its production cut to Q1CY24. The global and domestic markets made a smart comeback as investors remained convinced that the rate hike cycle had ended. This coupled with strong institution flows and economic data added to the positivity, he said.
Nifty Energy and Nifty Metal were among the outperforming sectors, up by 3.24% and 3.07% respectively, says Vaibhav Vidwani, Research Analyst, Bonanza Portfolio.
Despite discouraging macroeconomic data of November 2023, today (Tuesday) the market was slightly positive. India’s services PMI fell short of the prediction of 58, coming in at 56.9. Drop in the price of crude oil, however, mitigated the negative effects. Before the RBI announces its monetary policy later this week, investors are following a cautious approach, he said.
Adani Enterprises, Adani Ports, Power Grid Corporation, NTPC, and SBI were the top gainers on the Nifty, while LTIMindtree, HCL Technologies, Divis Labs, HUL, and Bajaj Auto were the top losers.