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 (NS: MOFS ) Financial Services.
Nifty continued its winning streak for sixth consecutive day and close 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 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 rate-hike cycle has 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 sector up by 3.24% and 3.07% respectively, says Vaibhav Vidwani, Research Analyst, Bonanza Portfolio.
Despite of discouraging macroeconomic data of November 2023, today (Tuesday) 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 following cautious approach, he said.
Adani Enterprises (NS: ADEL ), Adani Ports, Power Grid (NS: PGRD ) Corporation, NTPC (NS: NTPC ), and SBI (NS: SBI ) were the top gainers on the Nifty, while LTIMindtree (NS: LTIM ), HCL Technologies (NS: HCLT ), Divis Labs, HUL, and Bajaj Auto (NS: BAJA ) were the top losers.