Buy or sell: Osho Krishan of Angel One recommends buying HDFC Life and Kotak Mahindra Bank stock today
Stock Market News: Domestic benchmark equity indices, the Sensex and the Nifty 50, began Thursday's session at a record high due to a robust trend in US markets and inflows of foreign funds. In early trade, the Sensex rose by 159.18 points to hit an all-time high of 74,245.17. The Nifty 50 touched 22,523.65, up 49.6 points.
The markets soon became volatile, though, and the benchmark indices were fluctuating between highs and lows. Also Read: Sensex Today | Share Market Live Updates : Benchmarks muted after record high open; Sensex at 74,120, Nifty tests 22,500 "There are some distinct trends in the market now. One, large caps are outperforming mid and small caps.
Two, Bank Nifty is emerging stronger led by private sector majors like ICICI Bank, Axis Bank, Ind Sind Bank and Kotak Bank. Three, regulatory action on some NBFCs have impacted sentiments in the entire NBFC space, which, in turn, is improving sentiments in the high quality private banking space. The 3.7% decline in the small cap index this week when Nifty appreciated by 0.5% is a big underperformance.
This trend is likely to continue since valuation in the broader market remains highly elevated and the regulator has sent a clear message regarding the froth in the segment," said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services. The Sensex and the Nifty 50, staged an impressive comeback in the second half of Wednesday's trading session, recovering early losses as large-cap stock buying resumed.
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