Benchmark indices rallied 1 per cent each in trade on Monday to hit their respective fresh record highs, led by strong buying seen in frontline stocks such as ICICI Bank (BSE 3.54 %), ONGC (BSE 5.33 %), Tata Motors (BSE 3.98 %) and L&T.
The S&P BSE Sensex rallied over 300 points to hit its fresh record high of 26,413.11, while the Nifty rose 89 points to hit a fresh life high of 7,880.50.
Most market analysts expect the rally to continue for the rest of the year as well supported by strong global liquidity and implementations of key reforms by the new government. The Sensex can very well touch 31,000 and the Nifty may hit 9,200 by December-end.
The 50-share Nifty index hit yet another life high of 7880.50 in trade on Monday and some technical analysts see the index heading towards 8000-9200 by December-end, which translates into an upside of over 16 per cent from current level of indices.
Indian equity markets have been the biggest recipient of FII flows among emerging markets this year despite recent geopolitical tensions, depreciating rupee.
“Russia has become a risk now and on the other side, India is better placed in BRICS countries i.e. Brazil, Russia, India, China and just recently joined South Africa.”
Hence, now Indian markets are on the course in terms of making new highs from here on. If we look closely on the movement of the index in the last four trading sessions, the markets have regained about 80 per cent of the losses what they had incurred 10 days prior to that.
Thereafter, considering all these market movements of the indices Indian market has become a fabulous spot for the investor especially the foreign institutional investors who are making huge investments in the various leading stocks of the country.
