Sensex closed today for Ganesh Chaturthi, trade to resume tomorrow

NEW DELHI: Indian stock markets, including the National Stock Exchange of India and Bombay Stock Exchange, are closed today on the occasion of Ganesh Chaturthi festival.

Apart from the stock markets, the commodity markets, and trading in forex too are closed. Trading will resume on Thursday.

On Tuesday, the Indian stock market's key indices, Sensex and Nifty, surged by around three per cent. The 30 stock S&P BSE Sensex surged 1564.45 points or 2.70 per cent to 59,537.07 points.

After a sharp sell-off and bloodbath in Indian stocks on Monday, the indices managed to recover some of the losses due to broad-based resilience in the financial market fundamentals in India.

Meanwhile, foreign portfolio investors turned net buyers in Indian equity markets for two consecutive months through August. Till early July, foreign portfolio investors (FPIs) had been selling equities in the Indian markets for the past nine-to-ten months due to various reasons.

Tightening of monetary policy in advanced economies including rising demand for dollar-denominated commodities, and strength in the US dollar had triggered a consistent outflow of funds.

The recent return of foreign investments coupled with global inflation seeming to have plateaued helped Indian equity markets to rally during the past month or so.

The recent rise in stock indices helped in recovering the entire losses they witnessed so far in 2022. For the record, FPIs have pulled out Rs 168,798 crore so far in 2022, NSDL data showed.

The last time they were net buyers was in September of 2021. In July, they were, however, the net buyer with a total purchase of equities worth Rs 4,989 crore.

So far in August, they bought equities worth another Rs 51,204 crore, data showed. Notably, the latest consistent rally in Indian stocks has made investors richer by around Rs 27 lakh crore.

The all-India market capitalization rose from Rs 25,319,892 crore on July 11 to Rs 28,032,755.91 till last updated on Tuesday, Bombay Stock Exchange data showed.