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Indian shares recorded a historic milestone as the benchmark NSE Nifty 50 Index gained for the 12th straight day, it’s longest winning streak on record.
The index has set successive fresh highs in recent days, boosted by continued buying from local funds and retail investors. A rebound in global markets spurred by the prospect of lower interest rates has also supported the risk-on sentiment.
Read: Stock Mania Sucking Cash From Banks Threatens India’s Growth
Indian equities are likely to extend gains amid strong domestic inflows and as investors bet a pick up in earnings growth. Local institutions have plowed more than $6 billion into shares this month, compared with foreign outflows of $518 million.
“Expectations of strong festival season demand, rural revival and interest-rate cuts will provide support to markets,” said Amnish Aggarwal, head of research at Prabhudas Lilladher Pvt. The Mumbai-based brokerage anticipates a 6% upside for the Nifty over the next 12 months.
The gauge closed 0.3% higher on Friday at a new high of 25,235.90.
--With assistance from Alex Gabriel Simon.
(Updates with closing levels)
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