Shrugging off the weak global market trend, benchmark indices have risen for three consecutive sessions, with the BSE Sensex gaining close to 1500 points and moving past the 64,400 mark for the first time ever.
On Friday, both Sensex and Nifty 50 clocked 0.8% gains and scaled lifetime highs of 64,475.72 points and 19,123.20 points, respectively. The rally from the March lows has helped benchmark indices gain nearly 13%, and money managers see this momentum sustaining in the near term.
A comeback of FII faith in the Indian market is one of the key driving forces of the current market rally. Inflows from foreign portfolio investors into equities crossed $10 billion in the current financial year. French asset management firm Amundi recommends foreign investors consider a dedicated allocation to Asian assets, particularly India and China due to the growth advantage.