Sensex opens 144 points higher, Nifty above 24,500; Eternal up over 1%
Benchmark stock market indices opened higher on Wednesday, breaking its downward trend over positive global cues, especially over trade talks between the US and China.The S&P BSE Sensex was up 89.35 points to 80,826.86, while the NSE Nifty50 added 29.35 points to 24,606 as of 9:32 am.Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said that the strong fundamental factors that will support the market are India's robust and improving macros and sustained flows into mutual funds, particularly the SIP inflows which are steady and growing. This reflects the coming of age of the Indian retail investor.advertisement
"The recent Nifty range of 24000-25000 is likely to persist in the near-term. In the medium-term a breakout above 25000 is a clear possibility rather than a breakdown below 24000. Unexpected developments, however, can alter the scenario," he added. An important takeaway from the Q4 results is the outperformance of the midcaps relative to largecaps and smallcaps.Since CPI inflation in India is benign the rate cutting cycle has more room to go with minimum two more rate cuts in 2025. Even though this will put the margins of the banks under some pressure the leading names in the sector, particularly the large private banks, are well placed to deliver 12 to 15% returns in one year.
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India.com
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- India.com
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