The Sensex has reached a new high, breaking above the 63,583.1 mark set on December 1, 2022. The domestic benchmark index hit a fresh all-time high of 63,588.31 in intraday trade today
Factors such as robust GDP print, encouraging high-frequency data, and the bullish stance of foreign investors helped the 30-share index scale the fresh lifetime peak
Nifty has inched closer to its lifetime high of 18,887.60. The index is 15-odd points shy of touching its peak. The 50-share index hit an intraday high of 18,875.90 on Wednesday
Share market experts believe that economic growth reflected in market performance is due to India faring well on the economic and corporate balance sheets, which is reflected in the consumer balance sheet. There has also been a revival of the investment cycle
Foreign institutional investors (FIIs) have invested a whopping Rs 80,900 crore in the June quarter of 2023, in a major turn-around from the Rs 24,780 outflow in the previous quarter, according to data from the Centre for Monitoring Indian Economy (CMIE). The inflow of funds from domestic institutional investors was Rs 30,400 crore in the March quarter, underscoring their continued confidence
According to share market analysts, the momentum of markets is being driven by expectations of superior long-term growth. As long as India can deliver on earnings, governance, and green transformation, indices will continue to deliver. They believe that softening of commodity prices augurs well for future corporate earnings
According to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the market is slowly stretching both ways, without any sharp up or down moves. However, the broad market trend is up
"Globally markets are bullish even when global growth is sluggish. The reason for this bullish trend is that the US recession, which markets had discounted last year, didn’t happen and there are indications that the US might avoid a recession. So, markets are correcting the wrong discounting of last year," Vijaykumar said
"In India, there is a big action in mid and small-caps and this is likely to continue. Even though valuations are rich, there is value in large-cap banking stocks that have corrected. Leading indicators, particularly the sustaining credit growth, augur well for high-quality banking stocks. The big wall of worry for the bulls is the dismal performance of the monsoon showing deficiency over 50% till 15th June," said V K Vijayakumar, Chief Investment Strategist at Geojit
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