Looking at the complex situation given the high valuation, major event ahead in terms of general elections, possibility of US recession and rate cut getting delayed fund managers are likely to focus on quality aspects of the stocks.
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Nifty Pharma is the best performing sectoral index in 2024 so far, after Nifty Realty Index which is up by ~10 percent on YTD basis. Nifty Pharma Index is up by ~3 percent on YTD basis.
Positive setup was seen in stocks like DLF, Siemens, ABB, Apollo Tyre, Oberoi Realty, Abbot India, Hero MotoCorp, Trent, HPCL, Indigo, HDFC Life, Apollo Hospital, Sun Pharma, Bharti Airtel, L&T and Tata Motors.
Indian benchmark stock indices Sensex and the Nifty50 ended marginally up on Wednesday, gaining for a fourth straight day, despite staying week for much of the day's trading session.