Indian equities rose for a fourth day as crude oil fell 4.6% and foreign funds bought Rs 277 crore. Infosys, TCS led gains. Vinod Nair says oil decline eases inflation concerns.
Alpha Score of 57 reflects moderate overall profile with weak momentum, strong value, moderate quality, moderate sentiment.
Indian stocks extended their rally to a fourth session Monday. The Nifty rose 1.6% to 24,774.30, and the Sensex added 544 points, or 0.7%, to 78,639. A sharp drop in crude oil and a pickup in foreign fund buying drove the gains.
Brent crude slid 4.6% to $83.88 a barrel. Traders cited expectations of renewed dialogue between the US and Iran as the trigger. The decline eased worries about inflation and corporate earnings, said Vinod Nair, head of research at Geojit Investments.
Foreign institutional investors bought equities worth Rs 277.48 crore on Friday, exchange data showed. After four months of selling, FIIs turned net buyers in July, pumping Rs 20,200 crore into Indian stocks. Nair said the reversal was aided by attractive valuations and improving earnings, though elevated US bond yields pose a risk to the sustainability of foreign flows.
From the Sensex pack, InterGlobe Aviation, Tata Consultancy Services, Infosys, Eternal, ITC, and Axis Bank were the biggest gainers. Sun Pharma, Bharti Airtel, Maruti, and Tata Steel lagged. Infosys, which carries a Moderate Alpha Score of 57 from AlphaScala, was among the top performers.
In Asia, the picture was mixed. South Korea's KOSPI slumped 5.1%. Japan's Nikkei and Shanghai's SSE also fell. Hong Kong's Hang Seng, however, managed a gain.
Elevated US bond yields remain a risk, Nair said. That could threaten the sustainability of foreign flows into emerging markets.
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