IANS | 28 Mar, 2024
The BSE Sensex on Thursday was trading at 73,755 points, up by 758
points or 1.04 per cent, led by gains in the financial stocks.
The charge is being led by the Bajaj twins -- Bajaj Finserv and Bajaj Finance -- both up more than 4 per cent.
SBI is up more than 1 per cent while ICICI Bank and HDFC Bank are up more than 1 per cent each.
IT heavyweights like Infosys, Wipro, TCS are up more than 1 per cent.
V.
K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services
said the upward directional move expected from early April has been
confirmed by the strong rally in Nifty on Wednesday.
The primary
catalyst for the ongoing rally is the huge liquidity flows into the
market. Domestic Institutional Investors (DIIs) have pumped in a massive
Rs 24,373 crore into the market during the last seven trading days
imparting resilience to the market.
Since flows into the market
continue and are showing no signs of slowing, a scramble for high
quality stocks with good growth prospects is likely, he said.
A
significant trend in the market is the steady performance of industrials
like L&T, Siemens, Cummins and ABB. This trend is likely to
continue, he said.
Pharma is another sector which is on sound
footing. It is important to note that the PSU Bank Index, which has
given a stellar return of 90 per cent in FY24, has further potential to
go up since there is valuation comfort in the segment, he added.
