Market update| Sensex gains over 500 pts, Nifty trades above 21,650
After a gap-up opening, equity markets continue their upward momentum through the afternoon on Thursday. The NSE Nifty was up by 0.64 per cent or 138.10 points to 21,655.45, while the BSE Sensex was up by 0.77 per cent or 547.80 points to 71,904.80 at 2 pm
Of the 3,896 stocks traded on the BSE, 2,582 advanced, 1,189 declined and 125 stocks remained unchanged. As many as 446 stocks hit 52 week high and 9 stocks hit 52 week low.
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, “A predictable market trend is that high valuations will lead to corrections. The unpredictable part is the timing and the trigger for the correction. In the last few days, global markets are correcting and the trigger for the correction is profit booking, which is normal and rational.
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“Markets have a tendency to overreact. Perhaps the sharp rise in the US market in response to the Fed pivot was a bit overdone. The marginal rise in the US bond yield is a reflection of the market concern regarding the timing of the expected Fed rate cut. A good strategy now would be to move some money from the overpriced mid and small caps to the fairly- priced high quality large caps like the leading banking names.“
Major gainers on the NSE at 2 pm are NTPC (4.39%); Bajaj Finance (3.94%); Tata Consumers (2.83%); IndusInd (2.79%); ONGC (2.76%). Major losers are BPCL (-1.54%); LTIMindtree (-1.36%); Dr Reddy’s (-1.07%); HCL Tech (-1.03%); TCS (-0.91%)
BSE Midcap was up by 1.32 per cent and BSE Smallcap was up by 0.97 per cent.
