Sensex and Nifty reach all-time highs as the rally continues for a fifth straight day. The record run lasted for five days as benchmark stock market indices had a good opening to Thursday’s trading session.
Early trading saw the S&P BSE Sensex reach an all-time high of 85,333.23 and the NSE Nifty50 rise to 26,056.
Investors should be aware, too, that although other broader market indices were mixed, both benchmark indices saw slight increases in trading.
The sectors indices that gained the most were the Nifty IT index while the others had difficulty gaining traction.
On the Nifty50, Maruti, Tata Motors, LTIM, Nestle India, and Tata Consumer Products were the top five gainers. Conversely, Hero MotoCorp, ONGC, Power Grid, NTPC, and Hindaclo were the biggest losses.
According to Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, “no near-term triggers exist that can cause the market to move sharply higher or lower.”
As these markets are cheap and currently on the rise, FIIs may sell during upswings and transfer additional funds to China and Hong Kong. However, FII selling is unlikely to cause a large market decline because there is plenty of local liquidity to absorb such selling, the analyst said.
According to Vijayakumar, “a range-bound market is the near-term scenario, so the real action will be stock-specific.” He also suggested that investors prioritise safety and favour largecaps because the small- and mid-cap segments are overpriced.
