Shillong, July 18: BSE Sensex inches closer to the 67,000 points milestone, gaining 360 points to reach 66,960 points on Tuesday. Stocks like Infosys, ICICI Bank, and Reliance rise by over 1%, while Titan and Tata Motors decline by more than 1%.
V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, warns that the market’s rapid surge could lead to a correction anytime. He advises considering some profit booking at the current level.
HDFC Bank’s positive results bode well for Bank Nifty, and further good results from banking stocks are expected, according to Vijayakumar.
As per IANS, the global market conditions favor the bulls, with a declining dollar leading to increased capital flows into emerging markets, bolstering the market’s resilience.
Despite favorable conditions, high valuations and potential profit booking may restrain the rally. As a result, a healthy consolidation phase could be the near-term trend, says Vijayakumar.