The Indian equity markets on Thursday staged a sharp recovery in the last hour of trade, aided by a sharp rally in the banking stocks. The Sensex and Nifty rallied sharply from day’s lows, with the Sensex ending higher by 38 points at 60,431. The Nifty ended at 17,828, up 15 points on Thursday.
With today’s rally, the markets managed to end higher for the ninth straight session. Interestingly, this is the longest winning streak for the Indian markets in the last 30 months since October 2020. The last instance of the Nifty ending higher for nine sessions was between September 30 – October 14, 2020, when it surged higher for 10 straight sessions.
A large part of the rally is backed by institutional buying from Foreign Institutional Investors (FIIs). In the last 10 trading sessions, FIIs have bought shares worth more than Rs 7,800 crore in the Indian markets, provisional data from exchanges showed.