Suryaa Business Desk: Domestic stock markets reached new records during the Diwali festival period. Indian equity benchmarks recorded their strongest weekly gains of the past year, driven by significant investments from foreign institutional mutual funds and positive international developments. The market maintained a winning streak for seven consecutive trading sessions.
During the week, the Nifty gained 8.58 percent, crossing the 25,000 mark to close at 25,30. The Bombay Stock Exchange (BSE) Sensex rose by 1,718 points, or 2.17 percent, to settle at 81,028. Overall, the Sensex recorded a growth of approximately 8.82 percent for the week. Banking shares were the primary drivers of these gains, while the realty, financial services, and consumer durables sectors also performed well.
Foreign Institutional Investors (FIIs), who previously favored selling, brought investments worth Rs 45,960 crore into the domestic market this week. Market sentiment was bolstered by a significant decline in international crude oil prices, the US Federal Reserve's positive stance on interest rates, and strong domestic October auto sales and GST collections. Financial experts suggest that global investors view Dalal Street as a safe haven due to the strength shown by the Indian economy, despite uncertainty in global markets.
