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- Nifty gained over 90 points, Sensex added over 300 points as of 9:54 am.
- Adani stocks were amongst the top gainers even on Tuesday morning.
- Experts say that the market will be bullish even if the ferocity of Monday’s rally might not be repeated.
India’s benchmark indices extended their Super Monday gains – as they rose 0.4% in early morning trade on Tuesday as well. While Nifty gained over 90 points, Sensex added over 300 points as of 9:54 am.
Adani group stocks, whose collective market capitalization hit ₹12 lakh crore yesterday, too shined in today’s early trade — with Adani Ports and Adani Enterprises becoming the top gainers. The other gainers include M&M, BPCL and Axis Bank.
Experts predict an across-the-board rally where the construct stays bullish even if the ferocity of Monday’s rally might not be repeated. “The market has the potential to go up another 5% in the next many weeks. Beyond that valuations will get stretched inviting correction in the market,” said Dr V K Vijayakumar, chief investment strategist at Geojit Financial Services.
Institutional investors have purchased ₹7,000 crore worth of equities yesterday, and their optimism will catch on, experts say. “It is important to understand that FPIs have reversed their selling strategy and have been consistent buyers during the last seven days. There is accumulation happening in the frontline banking stocks. This, along with short covering and reasonable valuations, will keep this segment strong,” added Vijayakumar.
Top gainers on Nifty50
| Stock | Change |
| Adani Ports | 4.9% |
| Adani Enterprises | 4.9% |
| M&M | 2.2% |
| BPCL | 2% |
| Axis Bank | 1.8% |
*as of 10 am
Prashanth Tapse, senior VP of research at Mehta Equities too says that there are many positive catalysts including rise in GST collections, declining US inflation, and expectations of the Federal Reserve’s cautious approach.
“The sentiment is exuberant that the rally might continue for the next trading session as well.. Large caps may now see more strength after decent consolidation,” says Om Mehra, technical analyst at Samco Securities.
Tapse recommends stocks like Bharat Electronics, Mannapuram Finance, PI Industries, Tata Consumer, NTPC, and PNB.
🔸Stock Name: Adani Green $ADANIGREEN.NSE 🔸short term momentum strong
— (@stock_ark) December 05, 2023
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