Samvat 2080 was off to a good start on Sunday in the Muhurat session with the benchmark indices putting up a strong show, driven by IT and PSU counters.
The 30-share Sensex jumped 354 points or 0.55% to 65,259.45, with Infosys, Wipro, and TCS being among the top five gainers — rising between 1.4% and 0.74%. Banks and financials also added to gains with HDFC Bank, Kotak Mahindra Bank, ICICI Bank and State Bank of India all closing in the green.
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The broader Nifty jumped 100 points or 0.52% to 19,525.55. Coal India was the biggest gainer, rising over 2% while the Nifty IT, Media and Metal indices were major drivers.
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All BSE sectoral indices ended the session in the green with technology and industrials topping the charts. The market cap of BSE-listed firms shot up by `2.23 trillion. A total of 2,904 stocks advanced on the BSE while 688 declined.
Motilal Oswal, group MD & CEO, Motilal Oswal Financial Services, said Samvat 2080 was likely to start on a positive note on the back of strong earnings and a healthy economic outlook. “Samvat 2079 ended with Nifty gaining around 10%, despite economic headwinds and global geopolitical concerns. Over the next couple of quarters, sector rotation would be an important driver along with the overall market uptrend,” Oswal told FE. He expects sectors like BFSI, consumer discretionary, construction, real estate and high growth niche sectors to drive the overall market uptrend.
Experts said small-cap stocks typically fare well when domestic flows are strong. However, they believe there is a lot of value in large-caps and expect these to do well once flows form foreign portfolio investors resume in a big way.
Key events to be watched in the coming year include the general elections. Market experts say the incumbent government must return to power for the markets to maintain their levels. Moreover, US interest rates, which have likely peaked, should not rise.
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At the same time, some have cautioned investors saying they should participate responsibly and not chase quick money.
“Muhurat trading at the National Stock Exchange is testament to our shared financial aspirations. Stock market is meant for long-term wealth creation. Trade in derivatives by retail investors should be avoided because of the high risk involved. Be a long-term player. This is the best way to participate in India’s growth story,” Ashishkumar Chauhan, MD & CEO of the NSE, said.
