Indian investors gain ₹9 trillion as stock market marks upward journey
PremiumThe all-India market capitalization increased from ₹25,190,063.14 crore on July 15 to ₹26,106,487.37 on Friday.
Investors added over a whopping amount of ₹9 trillion in the week that ended on Friday as the Indian stocks witnessed a consistent upward journey. According to Bombay Stock Exchange data as reported by news agency ANI, the all-India market capitalization increased from ₹25,190,063.14 crore on July 15 to ₹26,106,487.37 on Friday.
As per BSE data, the Indian stock market recorded its best weekly performance during the week, supported by renewed buying in banking and IT stocks along with the return of foreign investments into the Indian markets after months. The Indian equity markets have been observing rise consecutively for the six sessions.
In the past seven weeks, the Indian stock market marked its best week this time since February 2021 as it closed at its highest level. Cumulatively, the equity indices, Sensex and Nifty, rose around 3-4% during this week. IndusInd Bank, UltraTech Cement, Axis Bank, Grasim Industries, and Hindalco Industries were among some of the top gainers while Dr. Reddy's Labs, HDFC life Insurance, NTPC, and Sun Pharma Industries were lagging behind for the week.
On this Friday, the Sensex gained 390 points and finished at 56,072, whereas the Nifty crossed the 15,700 mark and finished with a gain of 114 points. The banking stocks had a field day with HDFC twins and Axis gaining 2% each. Ultratech surged 5% with its strong quarterly report. IT and pharma/healthcare stock lagged throughout the day. Infosys shed 1.5% in today's session.
For the past nine to ten months, the Foreign Portfolio Investors (FPIs) had been selling equities in the Indian stock market due to several reasons like tightening of monetary policy in advanced economies, and increasing dollar and bond yields in the US. According to NSDL data, the FPIs have pulled out an amount of ₹226,420 crore during this year so far. However, they were the net buyer in July 2022.
The financial markets will react to the result of the US Fed's monetary policy meeting in the coming week, besides Q1 earnings of Indian companies.
MINT PREMIUM See All
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less