Indian equity markets are currently experiencing moderate gains due to positive sentiment from recent state election results and continued foreign institutional investor (FII) inflows.
The BSE Sensex has risen by 146 points, or 0.2%, reaching 80,380, while the NSE Nifty has increased by 55 points to 24,330 as of 10:05 AM on November 28.
Market breadth remains favorable, with 2,427 shares advancing against 719 declining. According to equity strategist Kranthi Bathini from WealthMills Securities, the markets are on an upward trajectory, with the Nifty aiming to consolidate around the 24,500 mark. Bathini emphasized that the recent market rise confirms the short-to-mid-term trend and does not have a significant impact on India's long-term fundamentals.
Notable gainers include Adani Enterprises, which led the Nifty with a rise of over 4%, extending its previous session's 11.5% surge. HDFC Life and HDFC Bank also saw a 1% increase.
The direction of FPI flows in the coming week will be crucial in shaping the market's future trajectory.