RAVI RANJAN PRASAD
MUMBALI, FEB. 19
Market gained for the fifth consecutive session on positive global cues taking Nifty-50 to new high of 22,186.65 intra-day, later NSE’s benchmark index closed at a new all time high of 22,122 up 81.55 points or 0.37 per cent The Sensex also gained 281.52 points or 0.39 per cent to close at 72,708 points after touching an intra-day high of 72,881. Market capitalisation of all BSE listed companies made a new all time high of over 391.69 lakh crore at market close or $4.71 trillion at USD/INR rate of Z83.02 per US dollar. “The BSE market cap touching a record high of around $4.7 trillion reflects the strength of the ongoing bull run and the momentum in the market. The fact that the crucial buffet ratio (market cap to GDP) is signalling very high valuation at above 120 per cent is a matter of concern. But this is unlikely to halt the bull run in the near-term since flows into the market from domestic individual investors and Domestic institutional investors continue to be strong,” said V. K. Vijayakumar, chief investment strategist, Geojit Financial Services. “The market is following global positive cues and have continued with its upward bias, although indices pared gains towards fag-end due to select profit-taking. It has been moving in a rangebound trend with a positive bias as investors are cautiously optimistic given the global macroeconomic challenges and geopolitical tensions,” said Prashanth Tapse, senior VP (Research), Mehta Equities. Sectoral indices mostly closed in the green led by BSE consumer durable (1.76 per cent), BSE FMCG (0.84 per cent), power (0.89 per cent), healthcare (0.49 per cent), telecom (1.52 per cent) while losers included BSE IT(-0.26 per cent), capital goods (-0.62 per cent), metal (-0.87 per cent). Power sector stocks rallied on expectation of higher revenue generation. Shares of Life Insurance Corporation of India gained 1.23 per cent to Z1,052.15 after hefty refund from IT Department reported last week. “The near-term trend of Nifty remains positive. But the market is displaying lack of strength to witness a decisive upside breakout of the resistance around 22,150-22,200 levels,” said Nagaraj Shetti, senior technical analyst, HDFC Securities.
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