Stock Market Live: GIFT Nifty hints gap-up start; Nikkei rallies 1%

Stock market Update on Friday, June 28: In the broader market, the BSE MidCap index advanced 0.3 per cent, while the SmallCap gained 0.6 per cent.

Photo: Bloomberg

Stock market updates on June 28, 2024: Equity benchmark indices scaled fresh record highs in opening deals on Friday led strong gains in Reliance and Bharti Airtel, up 2 per cent each.

Vodafone Idea too gained 3 per cent after Reliance Jio hiked tariffs by up to 25 per cent.

The S&P BSE Sensex hit a high of 79,546, and was up 207 points at 79,435. The NSE Nifty tested the 24,100-levels, and was up 54 points.

Tata Motors, Sun Pharma, Infosys, Tech Mahindra and Hindustan Unilever were the other key movers among the Sensex 30 shares. On the other hand, UltraTech Cement, IndusInd Bank and Adani Ports slipped over 1 per cent each.

In the broader market, the BSE MidCap index advanced 0.3 per cent, while the SmallCap gained 0.6 per cent.

Global mood

Overnight, the US market ended with up to 0.3 per cent gains a day ahead of the core PCE data – a preffered inflation guage by the Fed.

Near home in Asia, Nikkei jumped nearly 1 per cent, and Shanghai gained 0.5 per cen. Kospi and Taiwan advanced up to 0.3 per cent. Hang Seng, however, was down 0.1 per cent.

9:41 AM

View: Corrections can happen any time, market in overbought zone

The market momentum has the potential to take the Sensex to 80000 level. The healthy trend in the recent rally is that it is driven by fundamentally strong largecaps like RIl, Bharti and the leading private sector banks.

However, corrections can happen any time since the market is in the overbought zone and DIIs are booking profits. It is interesting to note that in the tug-of-war between the FIIs and DIIs, the latter has emerged victorious whenever this happened during the last 3 years.

The elevated valuations in the market continue to be a concern. But the market is not yet in bubble valuation territory. The weak trend in the broader market is likely to continue. Investors can consider booking partial profits in the mid and smallcaps and move the money to fixed income.

(View By: Dr V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services)

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