Foreign Portfolio Investors (FPI) made historic monthly acquisitions of Indian equities, reaching 661.35 billion rupees ($8 billion) in December, according to National Securities Depository data. This surge catapulted India’s Nifty 50 and Sensex benchmarks to fresh record highs. The first half of December alone witnessed a record fortnightly purchase of shares worth 427.33 billion rupees, attributed to lower U.S. bond yields and expectations of Federal Reserve interest rate cuts.
The Nifty 50 registered gains of 5.52% in November and a subsequent climb of 7.94% in December, concluding 2023 with the best monthly performance since July 2022. The final two months of 2023 saw the highest annual FPI purchases on record, with a notable 291.68 billion rupees directed towards high-weightage financials, propelling the financial services index 7.14% higher to a new all-time high.
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