While foreign institutional investors (FIIs) sold heavily in the past few days, the selling has been countered by domestic funds. During the last seven days, FIIs sold equity worth a massive Rs 25,853 crores but the domestic institutional investors (DII) buying overwhelmed this FII selling and the market continued its upward momentum, says V. K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Shares of Kotak Mahindra Bank crashed by as much as 12 per cent in morning trade on Thursday to Rs 1,620 on BSE as investors dumped the stock following the RBI crackdown on the lender. The RBI had, on Wednesday evening, barred Kotak Mahindra Bank, with immediate effect, from taking on new customers and issuing fresh credit cards. Infina Finance, one of the promoter group entities of Kotak Mahindra Bank had donated electoral bonds worth Rs 60 crore to the BJP. However, the RBI has taken stringent action against the bank to protect the interest of consumers.

The breadth of the stock market rally is narrowing with the number of stocks generating positive returns coming down. The number of stocks generating positive returns within the Nifty500 universe has narrowed from 452 in Q1FY24 to 268 in Q4FY24, a report by Motilal Oswal Private Wealth (MOPW) said.

The Supreme Court on Wednesday asked the Election Commission of India (ECI) to clarify if the microcontroller is installed in the controlling unit or in the VVPAT (Voter-Verifiable Paper Audit Trail). A bench presided over by Justice Sanjiv Khanna sought to confirm if the microcontroller used in the poll process is “one-time programmable” or not. “How many units of symbol loading units are available with you (ECI)?” further questioned the Bench, also comprising Justice Dipankar Datta.

BSE Sensex gained more than 300 points on Wednesday to continue its bullish trajectory. BSE Sensex was trading at 74,093 points, up by 355 points. Metal stocks are leading the gains with JSW Steel up more than 2 per cent, Tata Steel up by 1.6 per cent. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said since the US 10-year bond yield continues to remain above 4.6 per cent, FIIs will remain sellers putting pressure on large caps like leading private sector banks. “For long-term investors, this segment is a buying opportunity," he said.

Nifty rose for the third consecutive session on Tuesday to close at 22368, with a minor gain of 0.14 per cent. From the recent swing low of 21777, Nifty has recovered 670 points, says Devarsh Vakil, Deputy Head Retail Research, HDFC Securities. The Indian market squandered most of the day’s gains in last-hour selling and closed with modest gains to end higher for a third session in a row, he said.

India's GDP growth trend is on the cusp of an upshift, with early signs of it rising above 7 per cent recorded during the 2020s before Covid-19 struck, according to the RBI's monthly bulletin for April released on Tuesday. "The conditions are shaping up for an extension of a trend upshift in India's real GDP growth, backed by strong investment demand and upbeat business and consumer sentiments," the report states. It also points out that the global growth momentum has been sustained in the first quarter of 2024 and the outlook for global trade is turning positive. Treasury yields and mortgage rates are ticking up in major economies on expectations of interest rate cuts.

The domestic equity markets stayed range-bound on Tuesday with BSE Sensex settled the day at 73,738, up 89 points or 0.12 per cent, while the Nifty 50 closed at 22,368, up 32 points or 0.14 per cent. The domestic market exhibited range-bound performance, tracking positive global cues with sustained outperformance of the broader market. While tensions between Iran and Israel were perceived to have limited escalation, the uptick in crude prices suggests investors’ reassessing the risks, said Vinod Nair, Head of Research, Geojit Financial Services.

Patanjali Ayurved on Tuesday apprised the Supreme Court that it has issued public apologies for publishing misleading advertisements. Senior advocate Mukul Rohtagi, representing Patanjali, submitted before a bench presided over by Justice Hima Kohli that the company has published apologies across 67 daily newspapers.

The viscera test report of gangster-turned-politician Mukhtar Ansari, on Tuesday, stated that no poison has been found. Mukhtar Ansari died of cardiac arrest at the Rani Durgawati Medical College in Banda district on March 28 while serving a conviction in jail.