New Delhi [India], April 9 : Indian stock indices started Tuesday's trade in the green and hit their fresh highs, extending positive momentum from gains from the previous session and last week, the first week of the new financial year that started on April 1.
At 9.27 am, Sensex was at 74,855.12 points, up 112.62 points or 0.15 per cent, while Nifty was at 22,695.80 points, up 29.50 points or 0.13 per cent.
Among the widely-tracked Nifty 50 stocks, 27 advanced and the rest 23 slipped at the time of the filing of this report, NSE data showed.
Also, US stocks finished relatively higher on Monday after a strong jobs report, which buoyed stocks back home in India.
Going ahead, India's retail inflation data for March to be released on Friday and heat wave alerts from the weather bureau will be keenly watched by investors, for fresh market cues.
Retail inflation in India is at RBI's two-six per cent comfort level but is above the ideal 4 per cent scenario. In February, it was 5.09 per cent.
Inflation has been a concern for many countries, including advanced economies, but India has largely managed to steer its inflation trajectory quite well.
Further, sustained inflows of funds by foreign portfolio investors also supported Indian stock markets.
Foreign portfolio investors (FPIs) have become net buyers for the second month in March in Indian stock markets. They had aggressively sold Indian stocks and turned net sellers in the Indian equity market in January 2024.
The latest data available from the National Securities Depository Limited (NSDL) showed that the FPIs bought stocks worth Rs 35,098 crore in March. In February, they bought stocks worth Rs 1,539 crore.
So far in April, they bought stocks worth Rs 1,590 crore, NSDL data showed.
"This trend (firm stock market) is likely to continue. It is important to understand the fact that in this richly valued market there is valuation comfort in largecap banking stocks. More importantly, Q4 results of the banking majors are likely to be very good. Sectors like capital goods, autos, cement and hospitality are likely to remain resilient," said VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
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