The BSE Sensex advanced 759 points or 1.05% to settle at 73,328, while NSE Nifty surged 202 points or 0.93% to end at 22,097. Bluechip stocks Wipro and HCL Tech were the top Sensex gainers as both the companies reported better-than-expected results. HDFC Bank, Infosys, Tech Mahindra, and Bharti Airtel also closed with gains, while Bajaj Finance, Bajaj Finserv, L&T, Tata Motors, and Tata Steel settled with cuts.
For the new calendar year 2024, the brokerage firm has picked 9 stocks within the broader themes of manufacturing, PSU banks, NBFCs, IT services, and consumption. The nine stocks recommended by Axis are Pitti Engineering, Sansera Engineering, Archean Chemicals, Amber Enterprises, JK Lakshmi Cement, SBI, Manappuram Finance, Cyient, and Westlife Foodworld.
Nifty jumped 162.05 points to hit its lifetime high of Rs 21,603.40. The 30-share BSE Sensex pack surged 535.01 points to trade at 71,871.81. At this level, the benchmark is just 41.26 points away from its all-time high of 71,913.07, a level seen earlier this month on December 20.
The rise in Sensex and Nifty has been also supported by strong domestic macroeconomic data, lower oil prices, sustained inflows from mutual fund investors, record fortnightly foreign purchases and an improving US rate outlook.
In this hype, many retail investors are rushing into the market. They may be influenced by the euphoria of Nifty at all-time highs and fear of missing out. However, in this rush to participate and benefit from the markets they are ignoring the risks associated with it. Risk is inseparable from the world of investing.