Sensex Hits All-Time High, Nifty Crosses 24,100; Key Largecaps Lead the Rally

Continuing its rising trajectory, the BSE Sensex on Friday jumped 243.15 to an all-time high of 79,486.33 in the opening trade while the NSE Nifty also rose 74.2 points to record 24,118.7.

Among the 30 shares on the Sensex, NTPC, Sun Pharma, Tech Mahindra, PowerGrid and Tata Motors were the biggest gainers in the early trade rising up to 1.63 per cent.

Among the 30 Sensex shares, 11 scrips were also trading down. UltraTech Cements, Adani Ports, IndusInd Bank, Maruti and Axis Bank, falling up to 1.21 per cent in the early trade.

V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “The market momentum has the potential to take the Sensex to 80000 level. The healthy trend in the recent rally is that it is driven by fundamentally strong largecaps like RIl, Bharti and the leading private sector banks. However, corrections can happen any time since the market is in the overbought zone and DIIs are booking profits. It is interesting to note that in the tug-of-war between the FIIs and DIIs, the latter has emerged victorious whenever this happened during the last 3 years.”

The elevated valuations in the market continue to be a concern. But the market is not yet in bubble valuation territory. The weak trend in the broader market is likely to continue. Investors can consider booking partial profits in the mid and smallcaps and move the money to fixed income, he added.