The Indian market indices, taking mixed global cues, opened at fresh record levels on Friday, the BSE Sensex was up 217.58 points, or up 0.38 per cent at 58,070.12 for the first time and the broader market Nifty was up 61.80 points or 0.36 per cent at 17,296. About 1315 shares have advanced, 348 shares declined, and 98 shares are unchanged. At 0929 hours IST, On NSE, Eicher Motor, Titan , ONGC, Kotak Bank, Reliance were among the top gainers. On the flip side, HDFC LIfe, Cipla, HCL Tech, Hindustan Unilever were among the laggards. On BSE, Balaji Amines, Alembic Ltd were among the top losers and Pilani Industries, Exide Industries were the top gainers. Barring Nifty FMCG, Nifty IT, Nifty Media, all other were trading in the green. Nifty Bank was up 0.50 per cent. In the banking pack, Kotak Mahindra Bank with rise of 1.78 per cent, Bank of India with 1.76 per cent were the top gainers. BSE MidCap rose by 0.40 per cent while BSE SmallCap rose by 0.47 per cent.
“We know from experience that markets can surprise – both on the upside and downside. Greed and fear can cause overreaction on the upside and downside. From the valuation perspective, now we are in the over-valued zone; but excesses can sustain in a ferocious bull market like the present one. So the only option before long-term investors is to remain invested and occasionally book some profits and move money to safe fixed-income assets. It is possible that by the end of this financial year Nifty maybe around the present level or lower than that,”Dr. V K Vijayakumar, chief investment strategist at Geojit Financial Services said.
At 7.10 hours IST, the Nifty futures on the Singapore Stock Exchange were trading at 17,259, up 0.50 points, or 0.00 per cent signaling a flat start for Indian markets. The US Benchmark indices, S&P 500 index and Nasdaq recorded gains. Taking mixed cues from the US and and Asian markets, the Indian market opened with gains. After double digit GDP, rapid vaccination and US Fed Powell’s speech indicating tapering will happen slowly, the sentiment on Dalal Street was upbeat. But Asian markets this week behaved in a cautious manner seeking clarity on US employment data that is about to come by the end of this week.
Read all the Latest News, Breaking News and Assembly Elections Live Updates here.
Comments
0 comment