Markets Today: Benchmark indices scale fresh 52-week highs yet again as the positive trajectory of the market continues to keep euphoric phase. Nifty comfortably traded above 25,200
Market Updates: Benchmark indices touched a fresh all-time high on Friday as the mood of the market remained positive owing to the Federal Reserve's rate cut expectations. At 11:15 am, BSE Sensex was trading at 82,426.66 level, trading up by nearly 292 points. Whereas, NSE Nifty was up by almost 90 points and was comfortably trading above 25,200 level.
From the Sensex pack, Bharti Airtel, Power Grid, Mahindra and Mahindra, NTPC (National Thermal Power Corporation) and Tata Steel were among the top gainers.
Whereas, industry heavyweights like Tata Motors, Reliance, ITC and Adani Ports were among the major laggards.
"The significant feature of the recent trend in the market is the lack of volatility. The market has been steadily climbing up during the last 11 trading sessions with volatility index VIX declining to 13.79. Continuation of accumulation of quality largecaps by the DIIs and HNIs and the FIIs reducing their selling significantly and buying on certain days have contributed to the resilience of the market," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Interestingly, yesterday's rally came primarily owing to the trajectory of industry heavyweights. On Thursday, shares of Reliance and Tata Motors were in momentum, pushing large-cap stocks in the green territory.
"This near-term trend in the market is likely to continue. A breakout from the present can happen if the banking stocks witness big buying. But the struggle for deposits experienced by the banking system and the consequent feared pressure on margins are keeping the demand for banking stocks depressed despite attractive valuations. Largecaps are outperforming the broader market now. This is a healthy trend," Vijayakumar added.
At 11:50, Nifty Bank was trading at 51,362.25 level, up by more than 200 points.
Nifty Pharma was among the top performing sector in the market. Whereas, Nifty FMCG plummeted the most.