Sensex, Nifty Open To New Record Highs
The domestic equity markets continued to edge higher for the fifth straight session and scaled new highs on Monday, September 27. At 9:55 AM, the BSE Sensex was up 251.24 points at 69,299.71, while the Nifty-50 was up 66.35 points at 17,919.55, mainly led by Banking and Auto stocks.
In the 30-share pack Sensex, 17 scrips were trading higher in the morning deals, while 13 stocks slipped red. Maruti Suzuki and HDFC Bank were the top gainers as the counters gained more than two per cent each, while those of M&M, Bajaj Auto, and SBI gained a per cent each. However, on the flipside, HCL Tech, Tech Mahindra, and Infosys were the top laggards, mainly due to profit booking after a long week of rally.
Comparing the sectoral performance, except for IT, Pharma, and FMCG, all other sectors were trading in the green backed by strong buying interest from investors. The Nifty Banking index was among the top boost for the markets as it gained over a per cent led by shares of HDFC Bank, SBI, and Bandhan Bank as they added over a per cent each. The party in the Nifty Realty pack also continued as the index was up over two per cent led by stocks of Phoenix Mills(+5.76 per cent) and DLF(+2.33 per cent), at the time of filing.
Moving ahead in the week, the markets will keenly watch out on domestic cues such as vaccination progress and Covid-19 cases in the country. Furthermore, the flows from institutional investors and the sectors like Auto, Realty and Multiplex will be in major focus.
Experts are of a view that Indian equities are expected to extend its relative outperformance to global peers as it endured its record setting spree.
"We expect Nifty to head towards our target of 18200 in a non-linear manner," said ICICI Securities in a note.
The rallies are getting elongated followed by shallow corrections as intermediate corrections have been arresting within 3-4% since April 2021, highlighting robust price structure, the note added.
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