Indian equities are at all-time highs, but 2024's greatest month

 

Despite easing off record highs on Friday, Prime Minister Narendra Modi's return to office and the resumption of foreign capital inflows to the market helped India's key equity indexes close the month with their biggest gains since 2024.

 

The NSE Nifty 50 NSEI fell by 0.14% to 24,010.60.

 

 The S&P BSE Sensex BSESN dropped by 0.27% to 79,032.73.

 

Before this, both indices had risen by around 0.5% off their all-time highs.

 

The Nifty 50 and Sensex saw their biggest monthly gains so far this year in June.

 

increasing 6.6% and 6.9%, in turn.

 

 

Head of market insights and research at SAMCO Securities Apurva Sheth stated, "After what we saw on the day when election results were announced, bulls couldn't have asked for anything better than this."

Following the narrower-than-expected victory of the Prime Minister Narendra Modi-led alliance in the national election, the benchmarks saw a roughly 6% decline on June 4, marking their lowest session in over four years.

 

 

Modi's dependence on coalition partners raised fears about increased welfare expenditure, but markets took comfort in his cabinet picks as an indication of political stability.

 

According to Sheth of SAMCO, capital flows have also contributed to the June rebound in Indian markets.

 

In an effort to end a two-month selling run, foreign portfolio investors purchased shares for 188 billion rupees ($2.3 billion) for the month ending June 27.

 

 

Analysts indicated that institutional capital is drawn to large-cap stocks that provide valuation comfort.

The index heavyweight Reliance Industries RELI.NS reached a new high on Friday, rising 2.3% following a pricing increase by its telecom division. This month, the stock increased by more than 9%.

 

The IT index NIFTYIT, which increased by around 12% in June, ended the day essentially unchanged ahead of a significant U.S. inflation figure that may affect when the Federal Reserve cuts interest rates.

Following their recent outperformance, the financials NIFTYFIN and the private banks NIFPVTBNK both had a 1% decline. 

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