Robust buying by domestic investors helped equity markets extend their winning run to the seventh straight session on Monday.
The market saw increased investor interest due to significant developments such as the ambitious rail-port economic corridor connecting India, the Middle East, and Europe, as well as the launch of the Global Biofuel Alliance on the G20 summit’s sidelines.
★Indian Railway Finance Corp witnessed a surge of 10% to its upper circuit within minutes of the market opening on Monday.
★Rail Vikas Nigam, RITES, Railtel Corporation of India, and Titagarh Rail Systems also gained on positive cues.
SIP contributions hit record high
★In August, contributions through systematic investment plans (SIPs) reached a peak of 158.14 billion rupees.
★A record-breaking 3.59 million new SIP accounts were opened.
MF inflows nearly tripled in August
★Equity mutual funds experienced a nearly threefold increase in inflows.
★Inflows into equity mutual funds surged for the 30th consecutive month, reaching 202.45 billion rupees in August.
Strong GDP data
★India recorded a strong GDP growth of 7.8% in the June quarter, the fastest in a year.
★India remains the fastest-growing major economy as China’s GDP growth in the April-June quarter was 6.3 percent.
Following the release of the GDP figures, several top brokerages revised India’s fiscal 2024 economic growth forecast, fuelling investor optimism.
The positive investor sentiment also comes as India overtook Britain last year to become the world’s fifth-largest economy and recently surpassed China to become the most populous country.
(With inputs from agency)
★Sensex and Nifty reached new highs, with Sensex gaining 528 points and Nifty scaling the 20,000 mark for the first time.
★Robust buying by domestic investors contributed to the market’s winning streak.
★The market saw increased investor interest due to developments such as the rail-port economic corridor and the launch of the Global Biofuel Alliance.
★Indian Railway Finance Corp and other rail-related companies gained on positive cues.
★SIP contributions reached a record high in August, with 3.59 million new SIP accounts opened.
★Equity mutual funds experienced a nearly threefold increase in inflows in August.
★India recorded a strong GDP growth of 7.8% in the June quarter.
★Several top brokerages revised India’s fiscal 2024 economic growth forecast, fueling investor optimism.
★India overtook Britain to become the world’s fifth-largest economy and recently surpassed China as the most populous country.
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