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Investors in India rode the sleigh of a dovish U.S. Federal Reserve, which hinted at three rate cuts in 2024, leading to a global surge in equities. On December 15, the Indian market joined the global rally, marking another session of bullish momentum.
On Thursday, 2064 stocks advanced, 1702 declined and 126 remained unchanged, with an advance decline ratio of 1.21 on the Bombay Stock Exchange (BSE), indicating positive closing of stocks in broader markets.
Foreign institutional investors (FIIs) have extended their selling trend for the past two months, marking a significant outflow. FIIs have offloaded stocks and assets worth more than Rs25,000 crores this month.
Yesterday we had mentioned that Nifty, Sensex may rally. On Wednesday, 2008 stocks advanced, 1640 declined and 151 remained unchanged on the Bombay Stock Exchange (BSE), with an advance decline ratio of 1.22 indicating a positive closing of stocks in broader markets. We expect the market to rally a bit more though we believe it is still not out of the woods.
It is pouring heavily not only in North India, but at Dalal Street too. However, the latter is seeing a flurry of initial public offers (IPOs). After a busy fortnight that ended on July 7 with seven IPOs - IdeaForge Technology, Cyient DLM, PKH Ventures, Pentagon Rubber, Global Pet Industries, Tridhya Tech, and Synoptics Technologies -- four more IPOs will hit the Street this week, including one mainboard IPO of Utkarsh Small Finance Bank. That apart, India's largest securities' depository National Securities Depository Limited (NSDL) has filed its draft red herring prospectus (DRHP) with the S...