Bull markets have an uncanny ability to climb many walls of worries, says investment expert
Equity benchmark Sensex rallied over 300 points to scale a new record peak in early trade on Tuesday driven by gains in index majors HDFC twins, Kotak Bank and Reliance Industries amid positive trend in global markets.
After touching a lifetime high of 52,516.76 in the opening session, the 30-share BSE index was trading 322.33 points or 0.62 per cent higher at 52,476.46.
Similarly, the broader NSE Nifty was quoting 108.40 points or 0.71 per cent up at 15,423.10. It touched a record of 15,431.75 in early trade.
ONGC was the top gainer in the Sensex pack, rising around 4 per cent, followed by IndusInd Bank, Kotak Bank, PowerGrid, SBI and Tech Mahindra.
On the other hand, Bajaj Finserv, Axis Bank, Bajaj Finance and Nestle India were among the laggards.
In the previous session, Sensex ended 609.83 points or 1.18 per cent up at its new closing peak of 52,154.13, while Nifty soared 151.40 points or 1 per cent to finish at a record 15,314.70.
Foreign institutional investors were net buyers in the capital market as they purchased shares worth ₹1,234.15 crore on Monday, according to exchange data.
According to V.K.Vijayakumar, Chief Investment Strategist at Geojit Financial Services, "bull markets have an uncanny ability to climb many walls of worries. And, this bull market, in typical style, is consistently climbing many such walls.
"The bulls are focussed on growth and earnings recovery and the incredibly improving COVID incidence. FPIs feel that India has the best post-COVID rebound story. In such a favourable setting, investors should remain invested with occasional profit booking," he said.
Elsewhere in Asia, bourses in Hong Kong, Tokyo and Seoul were trading on a positive note in mid-session deals.
Meanwhile, the global oil benchmark Brent crude was trading 0.62 per cent higher at USD 63.69 per barrel.
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