Indian Stocks Surge for Fourth Day, Rupee Strengthens
Indian equities extended their winning streak to four sessions on October 7, 2023, with the BSE Sensex and Nifty 50 closing at 81,926.75 and 25,108.30 respectively. The rupee also strengthened slightly to around Rs 88.73 against the US dollar, supported by inflows and the Reserve Bank's intervention.
Analysts attributed this steady uptrend to positive domestic cues. Strong liquidity conditions, upcoming IPO inflows, and expectations of healthy earnings all contributed to the positive sentiment. Buying interest was seen in oil & gas, pharma, and consumer durables, while FMCG and PSU banks witnessed mild profit booking. Market sentiment remained cautious in the second half of the session as global signals turned mixed. Broader market indices also advanced, with mid-cap stocks up 0.47 percent and small-caps rising 0.31 percent.
The Indian stock market's resilience is notable, given the expected steady to slightly lower opening in US and European markets due to fiscal pressures and political uncertainty. The rupee's strengthening also indicates a positive outlook for the Indian economy.
