The S&P BSE Sensex rose 69.05 points to 76,879.95 at 10 am, while the broader NSE Nifty50 gained 31.4 points to 23,430.3.
Sensex and Nifty were trading flat in early trade on Friday.
New Delhi,UPDATED: Jun 14, 2024 10:26 IST
Benchmark stock market indices were trading flat in early trade on Friday due to a decline in information technology (IT) stocks.
The S&P BSE Sensex rose 69.05 points to 76,879.95 at 10 am, while the broader NSE Nifty50 gained 31.4 points to 23,430.3.
All the other broader market indices also traded in positive territory as volatility dipped.
Nifty Realty was the top gainer among sectoral indices, while Nifty IT fell 0.7% after gaining yesterday.
The top five gainers on the Nifty50 were Grasim, Shriram Finance, Adani Ports, HUL and M&M.
Meanwhile, shares of Adani-backed Ambuja Cements rose 3% in early trade after it acquired Penna Cement Industries.
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, "In the near-term the market is likely to be range bound since there are no major triggers till the budget.”
“Since the valuations are high, particularly in the broader market, any significant up move will invite selling from the FIIs. If the market trends down, DIIs and retail investors will pursue a buy on dips strategy that has worked very well in this market,” he added.
“Sustained flows into mutual funds, particularly through the SIP route, and the retail investors eager to buy any dip will keep the market resilient. Investors should now take a medium to long-term view and remain invested in the market focusing on fairly valued largecaps,” Vijayakumar noted.
Published By:
Koustav Das
Published On:
Jun 14, 2024
English (US) ·