Nifty, Sensex, Bank Nifty hit all-time highs: Market veterans read the terrain

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:

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.

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.

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.

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.

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!