Indian equities amid broad-based buying as well as broader markets zoomed substantially, extending their winning run to the sixth straight day. At the close, Nifty ended above 23,650 at 23,658.35, up 1.32 per cent or 308 points, while the 30-share Sensex zoomed 1.4 per cent or 1,078.87 at 77,984.38.
FII buying has been the prime catalyst in trade today. On Friday, Foreign Institutional Investors (FIIs) recorded a net inflow of Rs 7,470 crore, reinforcing market confidence. FIIs also increased their long positions in index futures, with the Long-Short ratio improving to 31.8 per cent, indicating a gradual shift towards optimism—a factor that likely boosted sentiment in today’s session.
On the derivatives front, the Advance-Decline ratio stood at 185:35, highlighting broad-based buying. Open Interest spurt was observed in SYNGENE, CROMPTON, MFSL, ICICIPRULI, and MARICO, with long buildups in SYNGENE, MFSL, ICICIPRULI, MGL, and MARICO. Meanwhile, short buildup was seen in TATACOMM, CROMPTON, M&M, ABCAPITAL, and ZOMATO. With every sector closing positively and banking stocks leading the charge, the market’s bullish momentum remains intact. Investors now await further cues to gauge whether this rally has more room to run, said
Sundar Kewat, Technical and Derivatives Analyst, Ashika Institutional Equity.
Sectoral gains
Sectorally, banks led the rally, followed by realty, oil and gas and IT stocks. IT stocks in early trade were declining, nevertheless, the sentiment improved as CLSA expects these companies to post double-digit growth.
Technicals
Charts point that markets could form a Double bottom, wherein testing a low, recovering and again revisit the low before stabilizing – a process that might take three months or longer, noted Bajaj Broking in its note.
European markets
After the US President Donald Trump hinted at tariff flexibility, European markets opened higher.
