India's blue-chip Nifty 50 and Sensex indexes rallied to hit record highs on Wednesday, lifted by gains in some Adani group stocks and heavyweight financials on the back of persistent foreign buying, stable macros and steady corporate earnings.
"Investors are massively turning positive on risk assets, taking comfort from the recent fall in inflation, anticipating the rate-hike cycle ending," noted Amar Ambani, group president and head of institutional equities at YES Securities.
Analysts also cited the return of foreign buying and steady corporate earnings as triggers for the ongoing rally. have bought 859.83 billion rupees worth of equities in fiscal 2024 so far, after offloading 1.4 trillion rupees and 376.32 billion rupees in fiscal 2022 and 2023, respectively. However, the benchmarks were relatively expensive compared to their global peers, Refinitiv data showed.Analysts cautioned that the market could consolidate again as valuations were still expensive.
Though the Nifty 50's price-to-earnings ratio - measuring the valuation of an index or security - remained below its long-term average, the skew was due to the extraordinary post-Covid rally in 2020 and 2021, they said.Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sonia Cheema and Janane Venkatraman
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