Bulls back on Dalal Street as Indian stocks rise for 6th straight session

Business Friday 22/July/2022 09:23 AM
Bulls back on Dalal Street as Indian stocks rise for 6th straight session

New Delhi: After recent sharp volatility in financial markets, bullishness seemed to have returned to Dalal Street as Indian stock indices rose for the sixth consecutive session on Friday.

The latest decline in crude oil prices coupled with signs of domestic inflation plateauing has somewhat lent support to the domestic indices in the past few sessions At 9.24 a.m., Sensex traded at 55,966.99 points, up 285.04 points or 0.51 per cent, whereas Nifty traded at 16,694.05 points, up 88.80 points or 0.53 per cent.

A majority of the Nifty 50 stocks were in the positive territory. All Nifty sectoral indices too were in the green this morning.

"At least, for the short run, the domestic investors who bought when the FIIs sold, have emerged smarter," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

"Market action in the near-term will be in response to the results of the big boys' Reliance, ICICI Bank, Infosys and Kotak Bank to be released soon. Results are likely to be positive for markets," Vijayakumar added.

After the recent losses, the Nifty and Sensex rose over 4 per cent each this week.

However, the consistent depreciation in the value of the rupee is a pain point among investors as it hovering around the 80 mark against the US dollar. Weakening currency typically keeps foreign investors at bay and makes the country's imports costlier.