However, there has been uncertainty over the divestment programme as the Centre is yet to announce the names of the final bidders for BPCL, in which it is selling its 51 per cent stake.
“In the short run, it is unlikely that the Nifty or Sensex will see any major fall like we saw in February and March,” said Nitin Shahi, Director, Findoc Financial Services Group. “The momentum has built up. Investors should look at wider stock markets, too, outside of Nifty and Sensex. After a roaring rally in the two indices, money will also move into a lot of mid-size companies that have potential. This has been the trend post major rallies for two decades now.”
Deepak Jasani, Head, Retail Research, HDFC Securities, said: “The uptrend in the market is maturing after the Nifty ended higher for the ninth consecutive week; however, there are no signs of immediate reversal. The advance-decline ratio is sharply in the positive, suggesting higher interest in broader markets.”
In just two months — November and December — foreign institutional investors pumped in more than $15 billion (₹1.13-lakh-crore) into India’s markets to purchase stocks in the cash segment, data show. As on date, open positions of over ₹18,000 crore are outstanding in the Nifty futures and positions of more than ₹4,800 crore are outstanding in the Bank Nifty futures. The two indices are the largest traded futures contracts in India. Open positions worth more than ₹1-lakh crore are outstanding in the stock futures segment.
On Friday, none of the other markets in Asia or Europe traded.