Indian equity benchmark indices were steady through Friday before hitting fresh record highs in the last session of trade. Ahead of closing at record closing highs, the Sensex surged 0.92 per cent to touch a new high at 66,159.79 points and the Nifty 50 climbed 0.94 per cent to hit a record high at 19,595.35 points.
The BSE Sensex closed 502 points or 0.77 per cent higher at 66,060.60, while the NSE Nifty settled 151 points or 0.78 per cent higher at 19,564.50.
“FPI flows into India are continuing unabated. The decline in the dollar index to below 100 on Friday, the lowest level in one year, is favourable to emerging markets. India is the largest recipient of FPI flows YTD among emerging markets. The selling in China continues and FPIs were sellers in EMs like Thailand and Vietnam also recently,” said Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services
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In July, through 14th, FPIs have invested Rs 30660 crores in India. This figure includes investment through bulk deals and primary market, too, apart from investment through stock exchanges.
“FPIs continue to invest in financials, automobiles, capital goods, realty and FMCG. FPI buying in these sectors have contributed hugely to the surge in prices of stocks in these sectors and the Sensex and Nifty scaling record highs,” he added.
Top Stocks To Watch For 17 July:
Avenue Supermarts
The operator of Dmart retail chain, reported a 2 per cent rise in net profit to Rs 659 crore andd a 20 per cent increase in operation revenue at Rs 10,337 crore in the June quarter. The company also reported that the total number of stores as of Marc 31, 2023, amounted to 324.
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JSW Energy
The company reported over 48 per cent decline in consolidated net profit, amounting to Rs 290 crore for the April-June quarter, due to the one-off impact of non-operational costs from the recent acquisitions of Mytrah and the 700 MW Ind-Barath ther plant under insolvency proceedings.
Bandhan Bank
The private bank reported an 18.7 per cent plunge in is net profit to Rs 721 crore in the April-June quarter for the ongoing fiscal year. The bank’s deposits at the end of the first quarter amounted to Rs 1.08 lakh crore, while advances hit Rs 1.03 lakh crore. The first quarter had remained steady for the bank, saif Chndra Shekhar Ghosh, the MD and CEO of Bandhan Bank
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