Sensex, Nifty rebound after longest losing streak in 25 years
What's the story
India's benchmark indices, the Sensex and Nifty, opened on a positive note today. The upward movement comes after their longest weekly losing streak in 25 years. The recovery is mainly due to easing fears of aggressive US monetary policy tightening and a dip in oil prices. At 10:00am, Sensex was at 72,420.53, up by 510.83 points. Nifty also surged by 132.45 points to 22,554.40.
Global impact
US jobs data eases Fed rate hike concerns
The sentiment in the Indian market improved after softer-than-expected US jobs data eased fears of a Federal Reserve rate hike later this month.
This development has provided some relief to emerging-market assets.
Oil prices are also expected to provide support, with Brent crude slipping 0.6% to $101.6 a barrel on Monday as higher Middle East exports and coordinated stock releases by G7 nations eased near-term supply concerns.
Investor activity
FPIs continue selling; DIIs maintain buying momentum
Despite the positive market indicators, foreign portfolio investors (FPIs) continued to be net sellers for the sixth consecutive session on Thursday.
They sold stocks worth ₹9,484 crore, according to provisional NSE data.
In contrast, domestic institutional investors (DIIs) continued their buying spree, purchasing equities worth ₹10,042 crore.
This contrasting investor activity highlights the mixed sentiment in India's stock market at present.