Sensex Surges 900+ Points, Extends Winning Streak to 6 Days – Key Drivers Behind the Rally
At 11:06 am, at 11:06 am, the S&P BSE Sensex went up by 922.72 points to 77,828.23. Then the NSE Nifty50 was up to 281.20 percent to 23,631.60.
Sensex Surges 900+ Points, Extends Winning Streak to 6 Days – Key Drivers Behind the Rally
Stock market today: Share market continued to rise in their ascending trend on Monday as indices increased for the sixth consecutive day. The gains were mainly due to the strong performance of financial and banking stocks. The indices across all sectors were trading in green.
As of 11:06 am it was 11:06 am. S&P BSE Sensex went up by 922.72 points, bringing it to 77,828.23. In the same period the NSE Nifty50 rose in value by 281.20 percent to 23,631.60.
Why is stock market rising today?
The expert highlighted the recent shift of FII behavior. After a period of heavy selling, FIIs became buyers on certain days in the last week, including a massive purchase of 3255 crores made through exchanges on the 21st of March.
INDIA OUTSHINES GLOBAL MARKETS
"Last week, Indian markets have outperformed the US markets also. And, the sentiment has improved for emerging markets that too, Indian markets have taken the advantage," said Kranthi Bathini Director of Equity Strategy for WealthMills Securities.
Bathini stated she believes that Chinese market is also performing well, however the uncertainty in the US regarding growth and possible trade wars have shifted the focus on emerging markets, particularly India.
"As stock market updates are recently corrected but have bounced back from the 22,000 level range of Nifty.
STRONG ECONOMIC SIGNS
The rising trend in Indian markets is backed up by positive economic indicators.
"Indian macros are turning positive. Our tax revenues are quite strong. Market has been able to withstand the level of 23,000 level," said Bathini.
Looking in the future, Bathini noted that upcoming quarterly reports will be crucial. "We are again entering into the Q4 earning season.
