Indian equity market rallies to record levels supported by positive global and domestic cues. Nifty50 touches all-time high, up 15% since March 2023. FII flows and declining inflation contribute to the rally.
From the Sensex pack, UltraTech Cement and M&M were the top gainers, rising over 2% each. HDFC, HDFC Bank, Tata Motors, SBI, Wipro and Tata Steel also opened higher. On the flip side, Power Grid, Asian Paints, Axis Bank, Maruti, Tech Mahindra, and Sun Pharma opened in the red.
Nilesh Shah, Managing Director at Kotak Mahindra Asset Management Company, advises investors to invest in the long-term growth story of India without the fear of missing out. He believes that the valuations are not at all-time highs despite the benchmarks reaching their highest levels. Shah attributes India s positive outlook to the resolution of various concerns and sees the country as an economic oasis. He advises investors to stay invested as India is on the cusp of greater wealth creation in the next decade.
From the Sensex pack, Tata Motors, Titan, IndusInd Bank, Bajaj Finance, Reliance, SBI, and L&T were among the top gainers, while Wipro and Kotak Mahindra Bank were the top losers.