Indian stocks edge higher as foreign investors return, Adani shares surge

  • Investing.com
  • Stock Market News
Indian stocks edge higher as foreign investors return, Adani shares surge
Credit: © Reuters.

Indian stock markets witnessed modest gains today, with the Nifty index rising by 0.19% to close at 19,827 points and the Sensex marginally up by 0.08% at 66,028 points. The positive trading momentum was evident as a majority of BSE-listed stocks advanced, with many hitting new highs. This upbeat sentiment is partly attributed to a correction in US bond yields to 4.40%, which has renewed foreign portfolio investors' (FPIs) interest in the Indian market. Recent data reflects this shift, as FPIs have made notable purchases amounting to ₹2,625 crore.

The banking sector, in particular, is poised to attract FPI attention following a period of sell-offs, signaling a potential shift in investment strategy. Additionally, shares of the Adani Group have seen a surge amid ongoing Supreme Court hearings concerning the Hindenburg report, suggesting investor confidence in the conglomerate's outlook.

Analysts are forecasting a rally led by large-cap companies in Indian equities, as FPI behavior has transitioned towards net buying rather than selling. This forecast comes despite some BSE-listed companies, such as Cressanda and Texmaco Rail, experiencing declines amidst the overall market gains. The renewed buying interest from FPIs and the surge in Adani Group shares reflect a broader optimism in the Indian stock market, which may continue to draw investor interest in the coming weeks.

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