Sensex surges more than 700 points led by gains in financial stocks
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The BSE Sensex on Thursday was trading at 73,755 points, up by 758 points or 1.04 per cent, led by gains in the financial stocks.
The charge is being led by the Bajaj twins -- Bajaj Finserv and Bajaj Finance -- both up more than 4 per cent.
SBI is up more than 1 per cent while ICICI Bank and HDFC Bank are up more than 1 per cent each.
IT heavyweights like Infosys, Wipro, TCS are up more than 1 per cent.
V. K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services said the upward directional move expected from early April has been confirmed by the strong rally in Nifty on Wednesday.
The primary catalyst for the ongoing rally is the huge liquidity flows into the market. Domestic Institutional Investors (DIIs) have pumped in a massive Rs 24,373 crore into the market during the last seven trading days imparting resilience to the market.
Since flows into the market continue and are showing no signs of slowing, a scramble for high quality stocks with good growth prospects is likely, he said.
A significant trend in the market is the steady performance of industrials like L&T, Siemens, Cummins and ABB. This trend is likely to continue, he said.
Pharma is another sector which is on sound footing. It is important to note that the PSU Bank Index, which has given a stellar return of 90 per cent in FY24, has further potential to go up since there is valuation comfort in the segment, he added.
