Stellar run in Indian stocks continues; indices start July-September quarter in green

New Delhi [India], July 1 (ANI): Extending the ongoing uptrend, Indian stock indices kicked off the July-September quarter on a high. The indices Sensex and Nifty started Monday's session on a flat note, but as the day progressed both the indices accumulated decent returns for the investors.
Sensex closed at 79,476 points, up 0.6 per cent, while Nifty closed at 24,142 points, up 0.6 per cent, respectively. Both the indices were a shy low from their respective all-time highs.
As the first half of the year 2024 is behind us, the indices have added 10-11 per cent cumulatively so far. 2024 has been a phenomenal year for the Indian stock markets.
"We anticipate this trend will persist in the near term due to expectations of a rebound in discretionary spending. Investors are now focusing on upcoming US job data and the Fed Chair's speech for further indication on interest rates," said Vinod Nair, Head of Research, Geojit Financial Services.
Foreign Portfolio Investors (FPIs) significantly increased their investments in the Indian stock markets in the last week of June, according to data from the National Securities Depository Limited (NSDL). This buying trend supported the broader indices.
The net investment by FPIs stood at Rs 16,672.2 crore during the last week, with a notable surge on Friday alone amounting to Rs 6,966.08 crore. This uptick marks a turnaround in FPI sentiment for the month, turning net buyers with Rs 26,565 crore buys.
In April and May, FPIs were net sellers in Indian stocks, as the ongoing geopolitical crisis in the Middle East then likely pushed investors to take money off their portfolios.
Interestingly, at a time when overseas investors remained net sellers in Indian stocks, domestic institutional investors stayed net buyers, largely making up for the outflows by foreign investors.
"The consistent buying interest on dips suggests bullish control, likely continuing the current tone. The renewed strength in midcap and smallcap segments adds further positivity. Traders should focus on selecting sectors/themes with rotational participation and consider adding positions during pauses or dips," said Ajit Mishra - SVP, Research, Religare Broking Ltd. (ANI)