In line with other Asian markets, India’s Instanex FII Index was up 1.12% at close, while the Hang Seng was up 1.82% and Straits Times was up 1.07%. Confirmed this to be a speculator and retail investor driven rally, India’s Nifty was up 1.35% and Sensex was up 1.27%, while the Instanex DII 15 portfolio was up only 1.05%.
The Instanex Top 15 portfolio that represents India’s most valuable companies was last among the Instanex Ownership Indices, up just 0.73%, further establishing that big-money is not causing this rally.
Of the 15 components of the Index, 11 gained and four lost. The main gainers are BHEL (+4.28%; weight 6.03%), ICICI Bank (+3.41%; weight 7.21%) and L&T (+3.05%; weight 2.69%) while the main losers are ITC (-2.11%; weight 4.68%) and HDFC (-0.76%; weight 11.96%).