More hype than substance

Markets' dizzy heights point to short-term blips

The Nifty created history last week by moving past 10,000 on the back of concerted buying from every class of investor. Foreign portfolio investors (FPIs) continue to be attracted to the story of an economy that is undertaking reforms such as the goods and services tax (GST) and the new bankruptcy law. Domestic institutional investors (DIIs) have pumped money into equity. While the DIIs have bought a substantial Rs 48,101 crore between July 1, 2016, and June 30, 2017, and the FPIs have invested nearly Rs 55,000 crore during the same period, their enthusiasm has been dwarfed by that of