Bull run continues! Sensex, Nifty hit fresh all-time highs led by heavyweight stocks

Indian benchmark indices Sensex and Nifty hit fresh lifetime highs on June 27 morning, taking bull run to fourth consecutive day on the day of monthly F&O expiry. While Sensex breached 79,000-mark, Nifty 50 index topped 23,900 led by heavyweight stocks like Reliance Industries, Bajaj Twins, HDFC Bank, among others.

Going ahead, market experts remain optimistic about the bullish trend, expecting benchmark indices to further reach new record highs.

At 10:15 am, the Sensex was up 255 points or 0.33 percent at 78,930, and the Nifty was up 69 points or 0.29 percent at 23,938. Market sentiment remained positive as around 1,847 shares advanced, 1,237 shares declined, and 105 shares unchanged.

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V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated that the market is expected to stay bullish in the near term despite valuation concerns. He predicted that the current momentum could push the Sensex to 80,000 levels.

“A healthy trend in the market is that now the up move is being led by fundamentally strong largecaps in sectors like banking and telecom. With RIL, which had not participated in the rally joining the bull bandwagon, the rally has the strength to continue,” he noted.

However, Vijayakumar warned of the potential impact of rising US bond yields, which could lead to significant foreign outflows in the coming days, potentially slowing the bull run.

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Technically, Deepak Jasani, head of retail research at HDFC Securities also anticipated the trend to remain positive in the near-term. He foresees Nifty’s resistance at 24,125, with support placed around 23,660.

Sectorally, Nifty Metal was the top performer led by gains in Hindustan Zinc, JSW Steel, and Tata Steel. This was followed by Nifty Realty and Nifty Media indices that climbed up to 0.6 percent each.

Conversely, Nifty IT, Nifty Auto, Bank Nifty slipped in negative territory on June 27 morning, declining up to 0.6 percent. Fear gauge India VIX, meanwhile, ticked up by 0.6 percent to trade around 14 level.

From an investment standpoint, Vijayakumar recommended PSU banks given attractive valuations. “PSU banks look attractive from the valuation perspective, and therefore, they have the potential to react positively to good Q1 results,” he suggested.

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