Indian markets rally as Sensex jumps 480, Nifty crosses 24,300
Indian stock markets kicked off Friday on a strong note; Sensex jumped 480 points and Nifty crossed the 24,300 mark.
The rupee also got a boost, rising to 95.21 against the dollar after disappointing US jobs data made aggressive Fed rate hikes less likely.
All this has lifted investor mood and pushed domestic stocks upward.
Domestic institutions buy, foreign investors sell
Domestic institutional investors have been buying steadily for eight days, helping both Sensex and Nifty climb about 1.3% in just two sessions.
But foreign investors are still selling: ₹3.12 billion worth of Indian shares left the market on Thursday, with total outflows hitting $29.46 billion this year.
Globally, mixed signals from Asian markets and uncertainty over US growth could keep things interesting for Indian stocks in the days ahead.