Thanks to the dovish narrative from the US Fed at the Federal Open Market Committee (FOMC) meeting, the Nifty 50 on Thursday scaled to an all-time high level and crossed the 21,100-mark for the first time, said Pranav Haridasan, MD and CEO at Axis Securities.
Among sectors, Nifty Auto, Nifty PSU Bank and Nifty Pharma ended in green while Nifty IT, Nifty FMCG and Nifty Metal ended on the lower side, he said.
The benchmark indices reached new record highs on Monday, with Nifty surpassing 20,650 and Bank Nifty achieving a record high, gaining 1617.20 points, said Mandar Bhojane, Research Analyst at Choice Broking.
Retail investor exuberance is pushing up the broader market. Investors should not be blinded by the recency bias and chase small caps running away without fundamental support, says V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Mid and small-cap stocks, known for their higher risk-reward ratio, have delivered high returns to investors like Kedia. Two of his top three holdings have risen by almost 100 per cent over the last year.
India equity mutual funds got inflows worth Rs 19,957 crore in October, up from Rs 14,091 crore in September, and the month saw the third highest monthly inflow into equity funds in the year 2023, as per Deepak Jasani, Head of Retail Research, HDFC Securities.
The uncertainties associated with the Israel-Hamas conflict will continue to weigh on markets in the near-term, says V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Nifty nosedived 261 points (-1 per cent) to close at a three-month low of 19,281.75, said Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services.
Nifty concluded on a downbeat tone, following the lead of the global market, with the majority of sectoral indices also doing so, said Vaibhav Vidwani, Research Analyst, Bonanza Portfolio.
The market responds to economic headwinds more than geopolitical tensions. From that perspective, the sustained rise in US bond yields is becoming a major challenge for the US, and thereby for global markets, says V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Benchmark indices closed higher on Tuesday with Nifty surpassing 19,800, thanks to widespread buying across various sectors, says Mandar Bhojane, Equity Research Analyst, Choice Broking.
Axis Bank is down 3.6 per cent, Ultratech Cement is down 2.7 per cent, Indusind Bank is down 2.6 per cent, NTPC is down 2.5 per cent, SBI is down 2.5 per cent, L&T is down 2.3 per cent, Tata Steel is down 2.3 per cent, Bajaj Finserv is down 2.2 per cent, and Sun Pharma is down 2 per cent.
Global sentiments have been dampened over sharp rise in Brent crude price which touched almost $98 per barrel and US 10 year bond yields continuing to hover above 4.5 per cent (16 year highs).
A show-cause notice will also be sent to the company if it doesn't comply. The sum asserted in the DG Notice is calculated using the total gross bet value of all games played at the casinos during the applicable time, said Vaibhav Vidwani, Research Analyst, Bonanza Portfolio.
Nifty continued its downward journey to close with a loss of 159 points (-0.8 per cent) at 19,742 levels, while Sensex plunged 570.60 points (-0.85 per cent) to settle at 66,230, said Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services.
Even though the ‘hawkish pause’ from the Fed was on expected lines, the US markets reacted negatively since the indication from the Fed is that rates will remain ‘higher for longer’, says V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The markets fell with volumes on the NSE that were close to the highest in recent times. Broad market indices recovered part of the losses during the day and ended with lower losses than the Nifty even as the advance decline ratio fell to 0.54:1, Jasani said.
Concerns reigned over the upcoming Fed policy, interest rate trajectory and rising oil prices. Bank Nifty underperformed on Wednesday due to rising cost of funds and reduction in deposits leading to moderation in net yields, Nair said.
The hectic activity in the mid- and small-caps has pushed valuations in these segments to high levels. The sharp rise in many of these stocks has been driven by hope. It remains to be seen whether this hope will translate into reality. Execution challenges may arise.
There is a ‘triple danger’ looming over markets in the near-term: dollar index above 105, steadily rising US 10-year bond now around 4.39 per cent and the Brent crude above $94, says V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The level of pessimism has risen in the stock market, leading to a precautionary approach to book profits on a notion that the valuation has extended beyond the rationale, said Vinod Nair, Head of Research at Geojit Financial Services.
Nifty covered the 1000 point journey from 19000 to 20000 in 52 trading sessions and this positive momentum is likely to continue going ahead as well, says Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.
Nifty advanced for the seventh straight day to log the best stretch of gains in 11 weeks and touched the all time high level of 20,000 on Monday (September 11), says Deepak Jasani, Head of Retail Research, HDFC Securities.
With monsoon gradually improving and India hosting G20 summit over the weekend, sentiments are buoyant and may lift market towards its life high and 20K mark over the next few days, he added.
Benchmark indices staged a smart afternoon rally on Thursday with the help of PSU and infrastructure stocks, said S. Ranganathan, Head of Research at LKP Securities.
