Foreign investors buy ₹7,212.22cr as Nifty hits 9 month high
Business
Big moves in the stock market today: foreign investors poured ₹7,212.22 crore into Indian stocks, sending the Nifty index to its highest point in nine months at 25,045.
Meanwhile, domestic investors took a step back and sold nearly the same amount.
Earnings and crude drop attract FIIs
The FII rush is thanks to better company earnings, cheaper crude oil (down 15%), and buzz about possible tax changes.
Banking stocks like SBI and HDFC Bank led the charge, with PSU banks such as Bank of India and PNB also shining; the Nifty PSU Bank index jumped 3%.
All this points to renewed confidence from global investors in India's market right now.