Third-day rally: Markets maintain forward march

April 30, 2020 4:01 AM

Interestingly, foreign portfolio investors (FPI), who were big sellers in March pulling out more than $8 billion, and have offloaded shares for most of April, turned buyers picking up some $50 million worth of stocks.

Cash market volumes were high at Rs 50,396 crore compared with the six-month daily average of Rs 39,134 crore.Cash market volumes were high at Rs 50,396 crore compared with the six-month daily average of Rs 39,134 crore.

By Urvashi Valecha

Indian equities gained for the third straight session on Wednesday with the sentiment firming up in sync with global cues. The benchmarks put on close to 1.85% to end the session at seven-week highs and are now up by about 25-26% from their March 23 lows.

Interestingly, foreign portfolio investors (FPI), who were big sellers in March pulling out more than $8 billion, and have offloaded shares for most of April, turned buyers picking up some $50 million worth of stocks.

Though bankers are putting aside provisions for the disruption due to the pandemic and forecasting slow growth in 2020-21, banking stocks have done well; the Bank Nifty surging 22.18% since March 23.

Ahead of the monthly expiry for derivatives on Thursday, the turnover in the F&O segment of the NSE was a decent Rs 11.78 lakh crore compared with the six-month daily average of Rs 14.42 lakh crore. Cash market volumes were high at Rs 50,396 crore compared with the six-month daily average of Rs 39,134 crore.

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