FPIs give legs to market rally

He believes that this rally has more legs. "Post-breakout, the positive momentum intensified. On daily charts, it has formed a long bullish candle, which supports further upside from current levels," he said.

- SHRIKANT CHOUHAN, HEAD of equity research, Kotak Securities

A CEO of a foreign brokerage said, "This is a liquidity-based rally. Domestic mutual funds are sitting on ₹2 lakh crore of cash, and with equity being the stable asset class in the current environment compared to other asset classes, money is flowing into our market. While everyone is waiting for corporate performance to jump-start, which is a cause of concern, other factors like a stable government, crude oil prices, and inflation are aiding