In a defiant move against weak cues from Asian markets, domestic market indices started the new week on a positive note. This surge was primarily driven by market heavyweights such as Titan, L&T (NS:LART), and the dynamic Bajaj twins.
The benchmark index, Nifty50, soared to an impressive intraday high of 18,881.45 on Monday, tantalizingly close at a mere 6.15 points away from its all-time high of 18,887.6 points recorded six months ago. Additionally, this remarkable feat marks the pinnacle of its performance in the calendar year of 2023.
As of 10:49 am, Nifty50 experienced a marginal dip of 0.2%, resting at 18,788.15 levels, while Sensex, the broader market index, lost 110.8 points or 0.17%. The India VIX, known as the market fear barometer, witnessed a significant surge of 4.8%, reaching 11.36 levels during the day’s trading.
Sectoral indices encompassed within the Nifty umbrella exhibited a mixed performance, with the Nifty PSU Bank leading the gains with a remarkable surge of 1.1%, followed closely by the Nifty Healthcare index.
Conversely, the Nifty Private Bank index experienced the most substantial decline, and at the time of writing, Nifty Bank witnessed a downturn of 0.55%.
According to Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the market is currently witnessing two noteworthy trends. Firstly, the ongoing rally displays a broad-based strength with active participation from most sectors, except for large-cap IT.
Furthermore, mid and small-cap stocks are outshining their larger counterparts, a trend that Vijayakumar expects to persist in the near future.
On Nifty, private banking stocks such as Kotak Mahindra Bank (NS:KTKM), Axis Bank (NS:AXBK), and ICICI Bank (NS:ICBK) spearheaded the losses, accompanied by Adani Enterprises (NS:ADEL) and Adani Ports (NS:APSE).