The rise in domestic benchmark indexes continued into Friday’s trading, driven by increases in IT, RIL, and bank equities. Nifty50 broke beyond the 21,700 barrier, and the BSE Sensex regained the 72,000 mark. But the overall market did better than the Sensex and Nifty averages. In today’s session, India VIX declined. The only sectors that lagged were pharmaceutical and FMCG.
The fact that individual investors, not financial institutions, are making the decisions is a significant aspect of the market’s current upswing. Even at exuberant values in these divisions, the Mid and Smallcap indices are setting records, reflecting this retail euphoria. The broader market’s exorbitant valuations cannot last forever. The bigger market is probably going to see significant adjustments; the only question is when.”
Stars of the trade: Nomura projects that the Nifty will close 2024 at 24,260.
The shares of Kay Cee Energy are listed at a 367% premium to the record date for the Nestle stock split.
Q3 gross advances at HDFC Bank increased 62% YoY.