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[media data show that foreign investors bought a net $8.5 billion of indian stocks this quarter, which may be the highest purchase since mid-2023.]

as the fed cuts interest rates, india's sensex index rose 1.7% to 84,622.11 points, setting a new record high; india's nifty index rose 1.5% to 25,849.25 points, also setting a new record high. although the valuation is high due to the repeated record highs, the indian stock market continues to attract overseas investors and is expected to record six consecutive quarters of growth.

while the secondary market is booming, the primary market is also "rising". however, there are changes in the unchanging. as prime minister modi narrowly won the general election, although the indian stock market continued to rise, investors also adjusted their sector preferences, withdrawing from modi concept stocks and investing in consumer and software stocks. the recent interest rate cut by the federal reserve has also brought a wave of market to interest rate sensitive sectors.

indian stocks on track for sixth quarterly gain

after entering its ninth year of continuous growth this year, the price-to-earnings ratio of the indian stock market has reached twice that of the msci emerging markets index. the price-to-earnings ratio of the nifty50 index has even reached 21 times, far higher than the 10-year average of the index. however, with modi successfully forming a coalition government and starting his third term, investors have increased their confidence in the stability and continuity of policies, the expectation and fulfillment of the federal reserve's interest rate cuts, and the global market turmoil since august and the lack of good investment targets, overseas investors who had previously temporarily left the indian stock market due to high valuations are returning again.