FIRST TRADE: Nifty breaches 25,250 levels for first time; broader markets outperform
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But the struggle for deposits experienced by the banking system and the consequent feared pressure on margins are keeping the demand for banking stocks depressed despite attractive valuations. Largecaps are outperforming the broader market now.
FIRST TRADE: Indian equities started on a positive note for the twelfth straight day as global cues turned favourable after the US GDP numbers came in better than expected. Nifty at the open started higher by 0.37 per cent or 93.1 points at a fresh high of 25,245.05, while the Sensex traded at 82,502.53, up 0.45 per cent or 367.92 points.
Sectorally, all the indices barring IT and auto traded weak, with the most gains seen on the realty and oil & gas indices.
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, "The significant feature of the recent trend in the market is the lack of volatility. The market has been steadily climbing up during the last 11 trading sessions with volatility index VIX declining to 13.79. Continuation of accumulation of quality largecaps by the DIIs and HNIs and the FIIs reducing their selling significantly and buying on certain days have contributed to the resilience of the market.
From the Nifty, top gainers included stocks like Hero MotoCorp, BPCL, Titan, Bajaj Finserv and Asian Paints, while the laggards were Tata Motors, Hindalco, Bajaj Auto, RIL and Shriram Finance.
This near-term trend in the market is likely to continue. A breakout from the present can happen if the banking stocks witness big buying. But the struggle for deposits experienced by the banking system and the consequent feared pressure on margins are keeping the demand for banking stocks depressed despite attractive valuations. Largecaps are outperforming the broader market now. This is a healthy trend."
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Written By: ZeeBiz WebTeam
Updated: Fri, Aug 30, 2024
09:50 AM IST
09:50 AM IST
ZeeBiz WebDesk
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