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Indian stocks edge higher as foreign investors return, Adani shares surge

Published Nov 28, 2023 17:14
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Indian stock markets witnessed modest gains today, with the Nifty index rising by 0.19% to close at 19,827 points and the Sensex marginally up by 0.08% at 66,028 points. The positive trading momentum was evident as a majority of BSE-listed stocks advanced, with many hitting new highs. This upbeat sentiment is partly attributed to a correction in US bond yields to 4.40%, which has renewed foreign portfolio investors' (FPIs) interest in the Indian market. Recent data reflects this shift, as FPIs have made notable purchases amounting to ₹2,625 crore.

The banking sector, in particular, is poised to attract FPI attention following a period of sell-offs, signaling a potential shift in investment strategy. Additionally, shares of the Adani Group have seen a surge amid ongoing Supreme Court hearings concerning the Hindenburg report, suggesting investor confidence in the conglomerate's outlook.

Analysts are forecasting a rally led by large-cap companies in Indian equities, as FPI behavior has transitioned towards net buying rather than selling. This forecast comes despite some BSE-listed companies, such as Cressanda and Texmaco Rail, experiencing declines amidst the overall market gains. The renewed buying interest from FPIs and the surge in Adani Group shares reflect a broader optimism in the Indian stock market, which may continue to draw investor interest in the coming weeks.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Indian stocks edge higher as foreign investors return, Adani shares surge
 

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