Sensex Hits 8-Month High
India’s BSE Sensex rose about 0.7% to 79,853 on Friday, extending its winning streak to seven sessions and hitting its highest level since early March, supported by strong foreign investor inflows and easing crude oil prices. Foreign investors bought around 15,000 crore rupees ($1.6 billion) of Indian equities on Thursday, their biggest single-day net purchase in nearly six years, taking inflows to about $4 billion over the past 10 sessions. Brent crude slipped below $100 a barrel, easing concerns over inflation and India’s import bill, while hopes that the Democrats’ sweep of the US midterm elections could accelerate an end to the US-Iran conflict further lifted sentiment. However, global tech weakness and AI valuation concerns remain risks, while SEBI’s proposed tax relief for foreign investors could boost overseas inflows. Notable gainers included ICICI Bank (1.4%), HDFC Bank (1.1%), M&M (4.3%), and Infosys (1.6%). For the week, the benchmark is on track to advance 7.1%.
India’s BSE Sensex rose about 0.7% to 79,853 on Friday, extending its winning streak to seven sessions and hitting its highest level since early March, supported by strong foreign investor inflows and easing crude oil prices. Foreign investors bought around 15,000 crore rupees ($1.6 billion) of Indian equities on Thursday, their biggest single-day net purchase in nearly six years, taking inflows to about $4 billion over the past 10 sessions.
Brent crude slipped below $100 a barrel, easing concerns over inflation and India’s import bill, while hopes that the Democrats’ sweep of the US midterm elections could accelerate an end to the US-Iran conflict further lifted sentiment. However, global tech weakness and AI valuation concerns remain risks, while SEBI’s proposed tax relief for foreign investors could boost overseas inflows. Notable gainers included ICICI Bank (1.4%), HDFC Bank (1.1%), M&M (4.3%), and Infosys (1.6%). For the week, the benchmark is on track to advance 7.1%.