Sensex reclaims 60,000 as index heavyweights gain; Nifty eyes 17,800

Sensex reclaims 60,000 as index heavyweights gain; Nifty eyes 17,800

Updated: 3 months, 14 days, 11 hours, 49 minutes, 37 seconds ago


At 9.16 am, the BSE

The initial months of Samvat 2079 are likely to be highly volatile with alternative bouts of selling and buying in the mother market US, which will have repercussions on other markets including India’s, Dr V K Vijayakumar, Chief Investment Strategist at

“In this highly uncertain environment, clarity is emerging on some important trends: one, the US economy is slowing down and the most likely scenario is a short and mild recession, which the market has largely discounted. India’s growth too will be impacted by a global slowdown but India will be the least impacted large economy. This environment coupled with the resources of DIIs and retail investors can hold the market in good stead and can take it to new record highs, but high valuations are a concern," he added.

Investors can approach Samvat 2079 with cautious optimism and remain invested in high-quality stocks and buy on declines in performing sectors like banking, capital goods, telecom and autos, advised Vijaykumar.

In the 30-pack Sensex,

Sectorally,

On Monday US Market’s Dow Jones Industrial Average advanced 1.34%, S&P 500 rose 1.19% and Nasdaq Composite surged 0.86%. In early trade in Asian markets, Japan’s Nikkei 225 rose 1.23%, South Korea’s Kospi surged 0.45% and China’s Shanghai Composite increased 0.74%.

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Tracking positive global cues, domestic equity indices opened higher on Tuesday, led by gains in index heavyweightsand select banking counters.At 9.16 am, the BSE Sensex was trading 188 points or 0.31% higher at 60,020. Nifty50 was trading at 17,776, up 26 points or 0.33%.The initial months of Samvat 2079 are likely to be highly volatile with alternative bouts of selling and buying in the mother market US, which will have repercussions on other markets including India’s, Dr V K Vijayakumar, Chief Investment Strategist atsaid.“In this highly uncertain environment, clarity is emerging on some important trends: one, the US economy is slowing down and the most likely scenario is a short and mild recession, which the market has largely discounted. India’s growth too will be impacted by a global slowdown but India will be the least impacted large economy. This environment coupled with the resources of DIIs and retail investors can hold the market in good stead and can take it to new record highs, but high valuations are a concern," he added.Investors can approach Samvat 2079 with cautious optimism and remain invested in high-quality stocks and buy on declines in performing sectors like banking, capital goods, telecom and autos, advised Vijaykumar.In the 30-pack Sensex,, Dr Reddy’s Labs, Infosys,andwere the top gainers, rising about 0.5-1%., Reliance,, M&M,andalso opened higher.Sectorally, Nifty Auto added 0.60% and Nifty Metal rose 0.33%. While Nifty PSU Bank and Nifty Media opened lower. In the broader market, Nifty Midcap50 fell 0.56% and Smallcap50 0.51%.On Monday US Market’s Dow Jones Industrial Average advanced 1.34%, S&P 500 rose 1.19% and Nasdaq Composite surged 0.86%. In early trade in Asian markets, Japan’s Nikkei 225 rose 1.23%, South Korea’s Kospi surged 0.45% and China’s Shanghai Composite increased 0.74%.