What’s Driving Today’s Stock Market Rally? Sensex Jumps 900+ Points, Nifty Crosses 24,550 — Key Reasons Behind the Surge
Indian markets soared on Friday, driven by the prospect of a U.S.-India trade deal and booming international investment inflows. A drop in the price of oil as well as the weakening of the dollar also boosted the mood. IT stocks rally climbed following the strong results from U.S. technology giants, a pattern that echoes positive market indicators throughout Asia and the U.S.
What’s Driving Today’s Stock Market Rally? Sensex Jumps 900+ Points, Nifty Crosses 24,550 — Key Reasons Behind the Surge
Indian benchmark indices were trading higher on Friday due to positive global cues as well as a booming foreign investor demand. The mood was buoyed following U.S. President Donald Trump suggested that he might sign a trade agreement with India.
At 10:19 am at 10:19 am, at 10:19 am, the BSE sensex surges was in the ascendancy of 903 points, which is 1.13 percent, and was trading at 81.145 and the Nifty50 gained 243 points about 1 percent for 24,577.
Adani Ports and Special Economic Zone, Maruti Suzuki India, Hindalco Industries, ETERNAL, Infosys were among the best performers in the Nifty pack of stocks today, gaining by up to 5 percent.
1.) Rupee increases Strengthens: Indian rupee strengthened significantly and surpassed the 84-per-dollar threshold at the beginning of the 1st of October 2024. It began the day 40 percent stronger with 84.09 and later strengthened to 83.90 against the US dollar, in comparison to its previous closing of 84.49.
2.) US-China Trade Talks Hopes: China indicated that it might be willing to resume talks on trade between China and China and the United States. The Chinese Commerce Ministry said it had received messages from Washington that it was seeking to engage, which has raised hopes for easing tensions between the two biggest economies, as reported by Bloomberg.
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3.) Sustained FII buying Foreign institutions (FIIs) have continued to inject funds in Indian markets, purchasing equities that were worth about Rs 50.57 millions on the Wednesday. This was the 11th consecutive day of net buying by investors from overseas.
VK Vijayakumar Chief Investment Strategist of Geojit Financial Services, said, "The surprising resilience of the market is principally driven by a steady flow of FII buying of 37,375 crore over the last 11 sessions.
