Nifty, Sensex, Bank Nifty hit all-time highs: Market veterans read the terrain
Dalal Street saw celebrations as all the major indices - Nifty, Sensex and the Nifty Bank - hit all-time highs on Monday. Here is what the market veterans make of this.
Indian equity benchmarks, BSE Sensex and the NSE Nifty50 scaled to fresh highs on Monday, after opening lower amid mixed cues from global markets. Sensex surged to a fresh lifetime high of 62,577.6. The Nifty50 hit an all-time high for the first time in 2022 when it crossed 18,604.
Reliance is the biggest contributor to today's rally. The broader market indices mirrored these gains with the Nifty Midcap 100 and Nifty Smallcap 100 rising 0.7 percent and 1.1 percent, respectively.
CNBC-TV18 spoke to some market veterans to gather what this might mean in the near term. Here is what they had to say:
Mihir Vora, Director and CIO of Max life Insurance
Vora believes that the good thing about this whole move has been the broad-based participation. He is betting on the domestic economy doing better than the global economy.
“The world and the markets are saying that the domestic economy is on a stronger footing than the global situation. That is what is leading the next move in the market,” he said.
Ajay Srivastava, CEO of Dimensions Consulting
Srivastava believes investors need to be smart about churning their portfolios.
“It is a great story because it is a story of resilience but also it is a very interesting story for investors to know how they did not make money and in the return of their capital, how poorly equity markets performed and they need to be smart about churning the portfolio,” he said.
Shankar Sharma, Vice Chairman & Jt. Managing Director, First GlobalAsian Institute of Management
The market veteran believes that India will be standing out as a clear outperformed in the times to come.
“India is a standout market not just in the last one year or for six months, I think it is going to be a standout market for the next several years – it could be two, three, five, ten years. I don’t think any other market will compare ticking all the boxes,” he said.
Also Read: Hindalco, Cosmo First, Tanla Platforms and more: Key stocks that moved the most on November 28
Mark Mobius, Founder of Mobius Capital Partners
Mobius echoed this and said that he continues to remain bullish on the Indian equities largely.
“We're very positive on India from a long-term perspective. The picture is so bright, and things are going so well for India. We are positive long term,” he said.
For the entire discussion, watch the accompanying video
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
(Edited by : Abhishek Jha)
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
BJP candidate from Moradabad seat Kunwar Sarvesh Kumar dies
Apr 20, 2024 8:52 PM
2024 Lok Sabha elections: Gurugram Police issues heatwave advisory for voters
Apr 20, 2024 6:08 PM