Mumbai. India’s stock markets ended the week on a strong note, extending the rally on the sixth day. The Sensex gained 246 points to close at 39,298 today, its 1,417 points total gain in six sessions – its longest win streak since March. Apart from the expectation of economic recovery in the next few quarters, a positive global sentiment has also lifted Indian markets. Foreign institutional investors have been net buyers in the last few sessions. The broader index Nifty rose 0.65% to close at 11,661 today.
10 things to know about the six-day Sensex rally:Indian equities outperformed the major global markets for the week. The BSE-30 index rose 3.1% in the previous week. Equity markets saw FII buying, progress in US-China trade negotiations as well as a deal. UK and EU on Brexit, Sanjiv Jhrabade said, VP PCG Research at Kotak Securities.
Reliance Industries contributed the most to the Index Advance, gaining 1.4%, while Yes Bank gained the biggest, with a gain of 8%. RIL will report income later today.
RIL today became the first Indian company to hit the market cap of 9 lakh crores. BSE Midcap and Smallcap stocks today gained 1.7% on both BSE Midcap and Smallcap indices. Sameer Chavan of Angel Broking said that overall there has been improvement and institutional buyers have started participating.
Foreign institutional investors have been net buyers in the last five trading sessions till Thursday. Banking stocks also participated in the rally after initially performing. The Nifty Bank index climbed 0.4% today, which rose to 1.6% on Thursday. The September-quarter earnings season in India has started on mixed notes, beating estimates of some large-cap companies and others reporting below-par results.
