Although there might be volatility this week, a rally is probably imminent. Already, FIIs have become purchasers. A large-cap driven rise may be initiated by FII and DII money flows, according to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The favorable state of the market is being supported by both local and international forces. The US market is helping the rest of the world, as seen by the S&P 500’s 8.7% gain so far this month. This is also due to the US bond rates declining, he added.
Macro data point to a robust economic growth momentum on a national level. Robust loan growth and record order inflows for capital goods industries are solid markers of the economy’s economic momentum.
Right now, the outcomes of the state elections remain to be seen. According to him, the results of Thursday’s exit polls will probably reveal the election’s outcome and how it would affect the vital general election in 2024.
At 65960 points, the BSE Sensex is down 10 points.
Adani Group shares increased by much to 20% after the Supreme Court postponed making a decision in the Adani v. Heinrich case on Friday.
Adani Enterprises has increased by 10%, Adani Total Gas by 19%, Adani Energy by 17%, Adani Green by 14%, Adani Power by 13%, and Adani Green by 10%.