Top Stock Recommendations: Sagar Doshi of Nuvama suggests Gujarat Narmada, DMart, and Coforge today
Stock Market News: The domestic benchmark indices, the Sensex and the Nifty 50, rose to record highs at the start of Wednesday's session, tracking positive global equity markets. Furthermore, soft retail sales data in the United States confirmed predictions of an early rate cut by the Federal Reserve, which bolstered the sentiments.
At 9:15 IST, the NSE Nifty 50 rose 0.31% to 23,629.85, while the S&P BSE Sensex rose 0.31% to 77,543.22. Also Read: Sensex Today Live Updates: Sensex opens at record high of 77,418, Nifty at 23,629; Indus Towers, HUDCO in focusHigher highs and higher lows are definite signs of a robust bull movement, according to Dr.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. This is now happening in the Nifty, which has established four consecutive record highs.
Net institutional activity has improved, with both FIIs and DIIs becoming purchasers.The decline in the US 10-year bond yield to 4.21% may encourage FIIs to buy more. This is propelling FII-heavy equities such as HDFC Bank and ICICI Bank, which have more opportunity to rise because their valuations are reasonable.Also Read: Stocks to watch: Indus Towers, HUDCO, Birla Cables, Vikram Solar, MidhaniNifty 50 is back to lifetime highs as the index remains on track to hit 23,800 / 23,900 on the upside after completing its initial target of 23,500 in Tuesday’s trading session.
With no more events scheduled in this truncated week and India VIX dropping close to ~60% from its highs it saw earlier this month, the fear seems to be away from the market for this week. Nifty’s dynamic support can be seen at 22,300 while any dips near 22,400-450 odd mark should be used as an opportunity to buy or add on existing long bets.Bank Nifty
. Read more on livemint.com
