Markets on bullback, no pullback from 80,000 milestone
The BSE Sensex hit 80,000 intraday on Wednesday before ending below that mark.It rose 62.87 points, or 0.08%, to end at 80,049.67, having risen to an intraday record of 80,392.64 on Thursday. The NSE Nifty rose 15.65 points or 0.06% to close at 24,302.15, after hitting a lifeti me high of 24,401 during the day.
“We can see a pre-budget runup in the Indian markets, with participation seen across stocks and sectors. These are classic signs of a bull market,” said Sriram Velayudhan, senior vice-president at IIFL Securities.
The budget is likely in the fourth week of July.
BSE’s healthcare and IT indices led the day’s gains — up 1.17% and 1.12%, respectively, at close. Tech companies HCL Technologies, Tata Consultancy Services (TCS) and Infosys were some of the top gainers, along with lenders such as ICICI Bank and Kotak Mahindra Bank, among other heavyweights on the BSE.
“We are seeing a rally in the Indian markets as people remain confident,” said Varun Saboo, head of equities at Anand Rathi Shares and Stock Brokers.
Nifty Momentum Strong
“Continuity in the government (is) leading to policy continuity — visibility on nation building, capex, infra, etc — which leads to strong earnings CAGR over next several years,” said Saboo. “There are also expectations of some more social welfare spending in the budget, with bigger state elections nearing.” Liquidity and flows are also strong, adding to investor confidence, he said.
On the BSE, 2,185 shares advanced and 1,742 declined during Thursday.
On the technical
