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Sensex, Nifty 50 hit fresh all-time highs for the second consecutive day; time to book some profit?
Sensex and Nifty 50 hit fresh all-time high for second consecutive session, driven by banking and financial heavyweights. The domestic market is soaring high. Equity benchmarks Sensex and Nifty 50 hit their fresh all-time high for the second consecutive session on Thursday, December 28, on gains led by banking and financial heavyweights. The Nifty 50 opened at 21,715 against the previous close of 21,654.75 and hit its record high of 21,759.05, rising about half a per cent while the Sensex opened at 72,262.67 against the previous close of 72,038.43 and climbed 0.5 per cent to hit its fresh record high of 72,406.75 in morning trade on Thursday. Shares of Mahindra and Mahindra, NTPC, Nestle, Titan, Bharti Airtel and Bajaj Finserv witnessed decent traction while those of Axis Bank, Tech Mahindra and Asian Paints, were under some pressure. Among the sectoral indices, PSU bank, auto and banking were among the top gainers while IT, pharma and media indices traded lower. The domestic market has been on a strong bullish run since November. Following a 5 per cent gain in November, both the Sensex and the Nifty 50 have jumped about 8 per cent in December so far. Experts underscore healthy domestic macro numbers, cooling inflation in the US, hopes of rate cuts, sustained fall in the US bond yields and dollar and buying by foreign portfolio investors (FPIs) are some of the main factors behind the rise in the market. Besides, experts underscore that after steep gains in mid and small-caps, investors' money is now moving to largecaps due to valuation comfort. Retail investors’ participation has also been a key factor behind the domestic market's rise. Source - MInt
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