Equity benchmark indices opened in green on Tuesday with the BSE Sensex rising 200 points to 75,051 and the NSE Nifty50 advancing by 54 points to 22,720.
Nestle India, UltraTech Cement, Tata Motors, TCS, Infosys, Wipro, ICICI Bank led the gains on the Sensex, while Tech Mahindra and IndusInd Bank were among the top losers.
On other hand, Shriram Fin, Dr Reddy’s and Adani Ports were among top five gainers on NSE Nifty 50 while Tata Consumer, Divis labs, HUL and ONGC were among the top five losers on NSE Nifty 50
The broader markets opened with gains yet again with the BSE MidCap up 0.17 per cent and the SmallCap index 0.43 per cent higher.
Views by: V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Nifty Auto, Nifty Realty, and Nifty Fin Services lead sectoral gains on the NSEThe pattern of ‘higher highs and higher lows’ is a distinct bullish signal and this has been the standout pattern in the Indian market this year. Consequently, the buy on dips strategy has consistently worked for investors.
The new records set by the market yesterday confirms the bullish market undertone. A healthy and desirable trend in the market movement yesterday was the outperformance of the largecaps. This trend is likely to continue.
It is important to understand the fact that in this richly valued market, there is valuation comfort in largecap banking stocks. More importantly, Q4 results of the banking majors are likely to be very good. Sectors like capital goods, autos, cement and hospitality are likely to remain resilient.
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