June 28th 2024.
The stock market in Mumbai, India got off to a promising start on Friday as the major indices opened in the green. Investors were bullish on largecap stocks, causing the Sensex and Nifty to reach new all-time highs of 79,671 and 24,174 respectively.
At 10 a.m., the Sensex was up 314 points or 0.40%, while the Nifty had gained 93 points or 0.39%, reaching 79,558 and 24,137 respectively. Some of the top gainers in the market were NTPC, Sun Pharma, Tech Mahindra, and Tata Motors, among others. On the other hand, UltraTech Cement, Axis Bank, IndusInd Bank, and HCL Tech were among the top losers.
The Nifty Midcap 100 index saw a rise of 346 points or 0.46% at 55,740, while the Nifty Smallcap 100 index also saw a significant increase of 187 points or 1.03% at 18,352. Among the various sectoral indices, PSU Bank, Fin service, Pharma, Metal, and Energy were the major gainers, while Auto and Realty were the top laggards.
Experts in the market believe that the momentum of the market has the potential to push the Sensex towards the 80,000 mark. They also noted that the recent rally has been driven by fundamentally strong largecaps such as RIL, Bharti, and the leading private sector banks.
However, they also warned that corrections could occur at any time as the market is currently in the overbought zone and DIIs (Domestic Institutional Investors) are booking profits. It is important for investors to remain cautious and keep a close eye on the market trends.
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