Stock Market: The Indian equity market is green on the back of financial stocks. The Indian market again set a record high today. Financial stocks made a big splash in this.
In today’s trade, the Sensex reached a new high of 53,129, gaining about 250 points. On the other hand, Nifty remains firmly above 15,900.
However, today the rupee weakened against the US dollar and it is seen at 74.33 against the dollar. Market breadth also showed strength today. Midcaps are seeing an increase of 0.8 percent and small caps by 0.4 percent.
Due to these important reasons, the market made a high record
In this market gain, financial stocks today gained 1.3 percent in Nifty Financial Services and Nifty Bank index. UltraTech Cement, HDFC Bank, Bajaj Finance, Bajaj Finserv and IndusInd Bank were the top gainers in the Sensex.
The aviation sector also took its wings to take the market up. The Civil Aviation Ministry of the country has increased the capacity of domestic airlines from 50 per cent to 65 per cent. The news caused a jump in airline stocks.
State-owned ONGC also saw an increase of 1.2 per cent after OPEC+ postponed negotiations on production.
Manish Hathiramani of Deen Dayal Investment says that if Nifty manages to close above 15,900 then it can reach 16,100. If it fails to sustain above 15,900 for the time being, then it is likely to take a U-turn from the current levels. Any downturn in the market is the best time to buy.
VK Vijayakumar, Geojit Financial Services, says global market leaders are warning of over-inflation in many asset classes. The market giant is more concerned, especially about the equity market. They are that valuations in these have become very expensive. Equity markets across the world are currently looking overstressed (costly) by almost all parameters.
But the interesting thing is that most of such people are warning of bursting of bubbles in the market. Fully invested. These fully invested bears are showing a huge contrast to the current market.
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