Stocks in focus: Ruchit Jain of 5paisa recommends buying LIC Housing Finance, and Indian Hotels today
Stock Market News: The domestic benchmark indices, the Sensex and the Nifty 50, gained for the fourth consecutive session, reaching new all-time highs in early trade on Tuesday, aided by strong global market trends, buying in IT sectors, and fresh foreign capital inflows.The Nifty 50 surged by 60 points to 23,529, while the BSE Sensex climbed 101 points to 77,195 immediately after trading began. The markets reopened today after being closed on Monday for Eid al-Agha.According to Geojit Financial Services' Chief Investment Strategist, Dr.
V K Vijayakumar, the market's undertone remains optimistic. This rise is being driven mostly by sustained large domestic inflow.
It is also vital to recognise that the surge is fundamentally supported by solid economic growth and positive business profitability. Global assistance from the mother market, the United States, which is establishing new records, is also beneficial.In the week gone by, Nifty 50 registered a new record high of 23,490, but it consolidated in a narrow range throughout the week and volatility subsided post the elections results event as traders focused more on stock specific approach, said Ruchit Jain, Lead Research Analyst at 5paisa.Nifty 50 closed just below 23,500 with weekly gains of three-tenths of a percent.
Our markets continued to march higher with new milestones seen post the recent election week volatility. In this upmove, FIIs have covered much of their short positions and added new longs which led to the momentum.
On the other hand, the confidence has resumed amongst market participants with regards to political stability and hence, lot of stock specific positive momentum is seen. In the coming week, initial hurdle of Nifty 50 will be seen around 23,500
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