Foreign institutional investors have opened a $9bn-strong wallet for Dalal Street in FY24, as Sensex hit a record lifetime high at 63,588 while on International Yoga Day today, some analysts said the market has been slowly stretching without any sharp up or down moves. IndusInd Bank, Power Grid, Tata Motors, Titan Company and Ultratech Cement are among the seven other stocks that have delivered double-digit returns, but Infosys shares are down 21% since the last Sensex peak, while Reliance Industries (RIL) has lost about 6.5%.
Healthy macroeconomic fundamentals have underpinned their growth in the last quarter, but the possibility of El Nino and developed economies slipping into a recession pose risks