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Robust FPI inflows fuel gains in stocks
Mint Mumbai
|July 03, 2023
Market experts see the current rally becoming more broad-based
The current market rally, characterized by broader participation of stocks compared to the two previous ones and bolstered by robust foreign portfolio investors (FPI) investments, is projected to maintain its momentum.
The percentage of Nifty 500 stocks trading above their 200-day moving averages (DMA), a measure of investor interest, stands at 73% as of 28 June, beating the 69% figure of the previous rally that lasted almost six months through 1 December.
Any stock trading above its 200-DMA is considered to be in a bullish trend, and below it in a bearish trend. The 200-DMA is the average closing price of a security over 200 days. While the percentage of stocks trading above the 200-DMA is lower than the 91% at the end of the 20-month rally until October 2021, the market has tested a new high in a much shorter span of three months.
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