Indian stocks zoomed to a 6-month high on Tuesday as hopes swirled that Prime Minister Narendra Modi will come back to power after the upcoming general elections.Foreign investors ramped up buying amid strong global cues.
Sentiment took on more shine with the rupee breaking new ground.
BSE's Sensex rallied a whopping 424 points, or 1.41 per cent, to 37,478 as of 11.30 am today.
NSE Nifty surged 125 points, or 1.12 per cent, to 11,293.The BSE barometer added nearly 2 per cent last month.
Here are the top factors that are keeping the bulls supercharged today.
Rupee breaks free: The rupee vaulted to a two-month high, extending its 4-day rally, after the US dollar weakened.
Overall risk appetite improved amid a stable equity market.
The local currency appreciated by 28 paise to 68.60 against the greenback in line with a strong rally in domestic equities.
Today, USD-INR pair is expected to quote in the range of 69.50 and 70.20, brokerage firm Motilal Oswal said in a report.FIIs stay upbeat: Foreign institutional investors have already poured in Rs 19,705 crore so far in 2019.
This came after an outflow of Rs 32,627 crore last year.
The investors bought Rs 3,810.60 crore worth of domestic stocks on Monday, data available with the NSE suggested.
Analysts are equally bullish.
I expect FII buying of minimum Rs 1 lakh crore in 2019, said Porinju Veliyath, Founder and CEO, Equity Intelligence India.
More to come