Momentum can take market higher but analysts caution of sharp correction
"Momentum can take the market higher; but at high valuations risk is high. Some presently unknown negative developments can trigger a sharp correction. So, even while remaining invested in the market, investors have to be cautious," V. K. Vijayakumar said. The BSE Sensex scaled mount 65,000 on Monday led by HDFC and Reliance Industries.
Sensex scales 65K but analysts say valuations getting stretched
Reliance was the top gainer in Sensex up by 2.32 per cent. HDFC twins and SBI among financial stocks were among the main gainers.V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said the ongoing rally in global stock markets.
Good rains and new highs would lead to further upside
BSESENSEX gained 1,739.19 points or 2.76 per cent to close at 64,718.56 points while NIFTY gained 523.55 points or 2.80 per cent to close at 19,189.05 points. The broader indices gained as well and saw the BSE100, BSE200 and BSE500 gain 2.70 per cent.
The 1000-point journey for Sensex jump took 144 sessions
Sensex crossed and closed above 64,000 points for the first time on Friday. The latest 5,000-point milestone took place in 443 sessions or 21.7 months, Sriram said. Sensex CAGR as measured by Price Return Index for the past 20 years stood at 15.5 per cent and by Total Return Index at 17.2 per cent.
Sensex jumps 800 points to record highs on FII buying, monsoon progress
Nifty opened gap up and strengthened throughout the day to close near the day’s high with gains of 213 points (+1.1 per cent) at 19,186 levels. The broader market too participated in the rally with the Nifty midcap 100 at a fresh record high. All sectors ended in the green, except metals, said Siddhartha Khemka, Head-Retail Research, Motilal Oswal Financial Services.
Foreign inflows drive Sensex to fresh all-time high
Even Nifty attempted to touch new highs, but fell short by 12 points. The index finally closed with a gain of 40 points at 18,857 points, said Siddhartha Khemka, Head of Retail Research, Motilal Oswal Financial Services. Sectorally, it was a mixed bag with major buying seen in financial services, especially NBFCs.
The market rally appears to be sustainable this time around
The highs made on BSESENSEX were at 63,384.58 points while it was 18,826 points on NIFTY. The levels on the December 1, 2022 were at 63,284.19 points and 18,812.50 points respectively. It is worth noting and highlighting that on March 20, 2023, markets had bottomed out at 57,084.91 points and 16,828.35 points.
With new lifetime highs expect heightened volatility
BSESENSEX gained 758.95 points or 1.21 per cent to close at 63,384.58 points while NIFTY gained 262.60 points or 1.41 per cent to close at 18,826.00 points. The broader markets saw BSE100, BSE200 and BSE500 gain 1.65 per cent, 1.78 per cent and 1.88 per cent respectively. BSEMIDCAP gained 2.95 per cent.
New highs wait seems getting longer
Markets saw the benchmark indices rise on two of the five trading sessions. They lost on two, and the fifth was a flattish day. At the end of it, BSESENSEX inched up 78.52 points or 0.13 per cent to close at 62,625.63 points while NIFTY gained 29.30 points or 0.16 per cent to close at 18,563.40 points.
Analysts fear bear market rally on Wall Street could end up biting investors
But economists are warning investors to hold off on celebrating, at least for now. This could still be a bear market dressed in a bull's clothing, CNN reported. Markets have remained surprisingly resilient over the past nine months, as 2022 losers like tech and media have bounced back from a disastrous year on hope that the worst is over for.