The NSE Nifty, a key benchmark index, experienced a slight dip of 0.2 per cent or 46 points, closing at 23,511. On the other hand, the BSE Sensex, another major index, showed a modest increase of 0.03 per cent or 20 points, reaching 77,322 by 3.30 pm.
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, “Higher highs and higher lows are clear indicators of a strong bull rally. This is happening now in the Nifty which has set four days of record highs. Net institutional activity has turned positive, with both FIIs and DIIs turning buyers.
The US 10-year bond yield declining to 4.21 % may nudge FIIs to buy more. This is pushing FII-heavy stocks like HDFC Bank and ICICI Bank, which have more room to appreciate since their fair valuations. Economic news continues to be positive. Net direct tax collections have shot up by 21%. More importantly, advance tax collections have increased impressively by 27.38%, reflecting robust economic activity. In brief, it is an advantage for bulls.”
Top gainers on the NSE include HDFC Bank (3.07%), Axis Bank (2.63%), Kotak Mahindra (2.06%), ICICI Bank (1.88%), and IndusInd (1.30%). Top losers include Titan (-3.39%), L&T(-2.83%), Hindalco (-2.53%), Bharti Airtel (-2.52%), Bajaj Auto (-2.30%).
Bank stocks advanced as Nifty Bank rose 2.04% to trade at 51,468.40, and Nifty Private Bank was up 2.14% to trade at 25,586.90. Top gainers of Nifty bank stocks include HDFC Bank (3.29%), Axis Bank (2.99%), ICICI Bank (1.86%), Kotak Bank (1.57%), SBI (1.09%).