After being hit by the Adani Hindenburg fiasco, global recession and a banking crisis, Indian stock markets have managed to retain positive sentiment. Encouraged by economic data, Indian indices continued their green run for a second straight week, as RBI decided against rate hikes to boost growth.
In the past five days marked by festivities across the country, Indian investors added more than Rs 10 lakh crore to their kitty.
Overseas investors upbeat
Foreign investments also added to confidence in the stock markets, as some stability returned among global trends.
The BSE Sensex has jumped 3.85 per cent during the period, even though the markets were closed on two days during the week.
The peak interest rates globally and RBI's decision to leave them unchanged, have also encouraged an inflow of overseas funding into India.
Growth as priority brings positivity
Resistance to higher interest rates despite inflation above its tolerance level of 6.5 per cent, has helped banking, financial services and consumer durable stocks make gains.
Apart from positive global cues, markets were also buoyed by the RBI raising its forecast for GDP growth in FY24 to 6.5 per cent.