FIIs turning positive boosts stock markets

New Delhi: FIIs turning positive after a very long time, along with strong results, kept the momentum strong for domestic stock markets during the week.
Domestic equities continued its northbound journey on the back of positive global cues and better than expected 1QFY23 earnings. Nifty opened higher and sustained momentum to close near day’s high with gains of 114 points (0.7 percent) at 16,719.
Barring IT, pharma and oil & gas, all other sectors ended in green with banking and financial services being top gainers, up more than 1 percent.
The Nifty auto index surged by 8 percent in July to its life-time high of 12,690 on account of good progress in monsoon, expectation of revival in rural demand and improvement in chip supply, Motilal Oswal Financial Services said in a report.
Global markets were positive despite surprise rate hike of 50 basis points by the European Central Bank, its first hike in 11 years, and weak German manufacturing PMI data.
Also Read Sensex extends gains for 6th day to reclaim 56k mark; bank, finance stocks shine On Monday, domestic equities will react to results from several index heavyweights (with more than 30 percent of Nifty weight), which would announce their numbers over the weekend, the report said.