September 11 (ANI): New Delhi [India] Indian market indexes began trading on a strong note on Monday, drawing inspiration from the overall successful G20 Summit in New Delhi.
Despite a divided house due to the ongoing war in Ukraine and the West’s sanctions on Russia, the ambitious rail-port economic corridor deal to connect India-Middle East-Europe, and the launch of the Global Biofuel Alliance on the summit sidelines appeared to have enticed investors to bet in the market.
The Sensex and Nifty were up 0.3-0.4% from their Friday closes of 66,861.16 points and 19,910.10 points, respectively, with all sectoral indexes in the green. Last week, Indian equities closed on a high note, recording their highest week in more than two months.
Today’s top gainers include companies engaged in trains, ports, and infrastructure.
Furthermore, for the sixth straight month till August, foreign portfolio investors (FPIs) continued to be net purchasers in Indian stock markets, supporting market confidence. According to statistics, they purchased equity assets of Rs 1.31 lakh crore in total in 2023.
“The G20 Delhi Declaration and India’s diplomatic triumph can trigger a continuation of the positive market mood and momentum,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
“More importantly, the inclusion of the African Union in the G20, as well as the proposed India-Middle East-Europe Corridor, have positive economic and market connotations,” Vijayakumar noted.
Using the African Union as an example, he said that the inclusion of the African Union in the G20 is good news for Bharti Airtel, which has a substantial presence in Africa.
Moving forward, the publication of August inflation data in India and the United States on Tuesday and Wednesday is anticipated to be the next market trigger for new indications.
Retail inflation in India surged substantially in July to 7.44 percent, above the Reserve Bank of India’s 6 percent upper tolerance level, owing mostly to a surge in vegetable, fruit, and pulse prices. (ANI)