FIIs to keep mkt buoyant; rally on bourses likely: Analysts | business | Hindustan Times
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FIIs to keep mkt buoyant; rally on bourses likely: Analysts

business Updated: Aug 02, 2009 13:26 IST

PTI
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Continuing the bull run, Dalal Street is likely to touch fresh highs this week, primarily fueled by higher funds flow from Foreign Institutional Investors amid positive global cues, believe analysts.

"The market will remain strong this week on the back of foreign money coming in from institutional investors. The rally would continue in the market and some more highs would be breached," Ashika Stock Brokers Research Head Paras Bothra said.

Marketmen said with better-than-expected June quarter earnings by corporate houses, confidence is back in the market and risk appetite has increased.

"Market has crossed the resistance levels and the corporate earnings figure were good. Flow of money would keep the market buoyant," Unicon Financial Chief Executive G Nagpal said.

Analysts say a rally is on the anvil for the large cap stocks, besides banking, metal and oil & gas sector, as they have underperformed in the last week.

"Weakening dollar will drive money into the market, which will pull FII investment. Results have been good for India Inc and large cap stocks would now do better," SMC Global Vice President Rajesh Jain said.

July witnessed inflows worth Rs 11,066.30 crore ($2.28 billion) in the Indian stock market and the stock market rose over eight per cent. Besides, the total FII investment so far this year has crossed $seven billion.