![A man looks at a screen displaying the Sensex on the facade of the Bombay Stock Exchange (BSE) building in Mumbai.[Representational picture]](https://gumlet.assettype.com/greaterkashmir%2F2022-01%2F17049ab3-5bc6-4998-a278-83c41a13e3db%2F20200228119L.jpg?auto=format%2Ccompress&fit=max)
Indian stocks start fresh week on a firm note
New Delhi: Indian stock indices started the fresh week on a firm note with support from a range of fundamentals such as continued inflow of foreign funds, easing in inflation (both retail and wholesale), and global cues.
Benchmark indices Sensex and Nifty closed Monday’s trade up 0.5 per cent each. Hero Motocorp, Tata Motors, ITC, Tech Mahindra, and Hindalco were the top five gainers, whereas Adani Enterprises, Cipla, BPCL, Grasim Industries, and Divis Labs were the top five losers. Foreign portfolio investors (FPIs) have continued to remain net buyers in Indian stock markets for the third straight month after having sold two months on a trot in January and February, data from the National Securities Depository (NSDL) revealed. FPIs bought assets worth Rs 11,631 crore in Indian stock markets in April, according to NSDL data. In March, they bought assets worth about Rs 7,936 crore in Indian stock markets.
So far in May, they bought assets worth Rs 24,739 crore.
“Markets started the week on a firm note and gained nearly half a per cent amid mixed cues. After the flat start, the Nifty index inched gradually higher as the day progressed, however, profit-taking in the final hour trimmed the gains,” said Ajit Mishra, VP - of Technical Research, Religare Broking.
“The rotational buying in heavyweights from the key sectors viz., banking, financial, auto and FMCG is helping the index to maintain a positive tone despite mixed global cues. And, indications are in favour of the prevailing trend continuing. Traders should align their positions accordingly and avoid contrarian trades.”
Coming to wholesale inflation whose data was released today, it turned negative in April at minus 0.92 per cent, happening for the first time since July 2020. Overall wholesale inflation was at 8.39 in October and has been falling since then. Notably, the wholesale price index (WPI)-based inflation had been in double digits for 18 months in a row till September.
Meanwhile, retail inflation in India too eased sharply in April to 4.7 per cent or an 18-month low, as against 5.7 per cent the previous month.
