Tech Stocks Lift Sensex 331 Points as FPIs Return to Buying
· Business · Economic Times
Indian equities closed higher on Friday, with the BSE Sensex rising 330.91 points (0.43%) to 77,264.51 and the NSE Nifty gaining 84.80 points (0.35%) to 24,175.65, snapping a two-day losing streak. The rebound was led by technology stocks, with the Nifty IT index climbing 3.5% after strong earnings from US chipmaker Nvidia; Tech Mahindra, TCS and Infosys were the top performers, while ICICI Bank, Shriram Finance and ITC lagged. Easing crude oil prices and improving global cues supported the rally, while broader mid- and small-cap stocks also advanced. Foreign portfolio investors, who had been net sellers for four straight months, turned buyers in July and continued purchasing in August, a shift that market participants expect could drive a rerating of select large-cap private bank stocks. Helios India CEO Dinshaw Irani said June quarter results, completed by mid-August, were well received, with positive surprises outpacing negatives and mid- and small-cap earnings poised to outgrow lar
Why it matters
The return of FPI flows after a four-month selling streak is a key swing factor for Indian valuations, and a sustained turnaround could lift private bank and IT heavyweights that have been beaten down. With mid- and small-cap earnings still outpacing large-caps, retail-heavy portfolios remain exposed to a leadership rotation if FPIs pull back again.
Read the original report — Economic Times
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