INSUBCONTINENT EXCLUSIVE:
Benchmark indices rose for a fourth straight trading session on Tuesday, supported by positive global cues and buying by foreign portfolio
It has posted gains in 11 of the past 12 trading sessions, and is only about 1 per cent shy of hitting a new lifetime high
In the past 12 sessions, the index has added 3,886 points, a gain of nearly 7 per cent.
The broader Nifty50 closed at 18,145, up 133
Robust manufacturing data also boosted sentiment.
FPIs continued to be strong buyers of Indian equities
On Tuesday, they bought shares worth Rs 2,610 crore, according to the provisional data from exchanges
Optimism that the days of aggressive monetary policy are coming to an end, and optimism surrounding the resilience of the US economy is
aiding the FPI flows to India, according to experts.The gross domestic product (GDP) data released last week showed that the US economy
rebounded in the July- September period following two quarterly contractions
The US GDP rose at a 2.6 per cent annualised rate in the July to September quarter.
Crude prices falling below $100 a barrel was also seen
favouring the domestic economy, which relies heavily on oil imports.
The S-P Global India Manufacturing Purchasing Managers Index (PMI)
rose to 55.3 in October from 55.1 points in September, on the back of expansion in factory orders and production
domestic market with backing from FPIs and the global markets
The PMI numbers show that manufacturing activity in India remained strong in October and that pricing pressures were kept in check as new
collected for September, stood at Rs 1,51,718 crore, the second-highest ever
investors are wary about central banks continuing a more hawkish stance going ahead, as taming inflation continues to be a challenge
The Eurozone inflation surged to a fresh all-time high with consumer prices rising by 10.7 per cent from a year ago in October.
Going
trajectory.
Investors will also be keenly tracking US non-farm payrolls, and the unemployment data, which will be released this week
intermediate pause or dip
Besides, the upcoming events will keep the volatility high
vice-president of research, Religare.
