Analysts caution against high valuation as stock indices reach peak
The rise in domestic stocks is related to both the global market recovery and sound domestic macroeconomic fundamentals.
The rise in domestic stocks is related to both the global market recovery and sound domestic macroeconomic fundamentals.
Also, a relative strength in Indian rupee too have supported the benchmark indices on Monday, said analysts.
According to Gaurav Garg, Head of Research at CapitalVia Global Research: "The Indian Benchmarks started on a positive note amid mixed global cues. Traders will be taking encouragement with Niti Aayog's statement that Indian economy is expected to grow 10.5 per cent in the current fiscal."
According to Likhita Chepa, Senior Research Analyst, CapitalVia Global Research: "The Indian benchmark had a gap up start today and is likely to recover from the previous session's fall."
"Asian markets continued to show mixed signs and India is one of the outperformers today so far," said Deepak Jasani, Head of Retail Research, HDFC Securities.
The broader NSE Nifty50 traded at 17,698.50, down by 12.80 points or 0.072 per cent after opening at 17,718.90 from its previous close of 17,711.30.
"Nifty opened gap up on Sept 23 following positive Asian cues and extended gains till noon," said Deepak Jasani, Head of Retail Research, HDFC Securities
The top gainers on the Sensex were Tata Steel, Tech Mahindra and Bajaj Finserv
The top gainers on the Sensex were HCL Technologies, Tech Mahindra and TCS
All the sectors faced profit booking decline except IT, FMCG and Pharma counters. At around 2.00 p.m., the S&P BSE Sensex trade on a flat note at 55,617.55.
