Monday, May 20, 2024

Sensex Today: Auto stocks lead share market gain of 300 points


Share post:


Shillong, April 30: Auto stocks including M&M and Tata Motors led the 300-point gain in the Sensex on Tuesday.

M&M was up more than 3 per cent while Tata Motors and Maruti Suzuki were up more than 1 per cent.

Sensex was trading at 74,991 points, up by 320 points.

V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said this bull market is remaining resilient despite headwinds, and is slowly gathering momentum despite high valuations. A significant feature of the ongoing bull run is that the FIIs are consistently being outsmarted by the DIIs and retail investors.

“Every time the US bond yields go up, particularly when the 10-year yield rises above 4.5 per cent, the FIIs have been selling but the DII plus retail buying has been completely overwhelming the FII selling, forcing the FIIs to buy the same stocks they sold earlier at higher prices later,” he said.

Also, the short covering by FIIs have contributed substantially to the recent surge in the market. Despite the big FII selling this month, Nifty is up by 700 points from the April 18th lows. The takeaway from this trend is that the bulls are calling the shots in this market and, therefore, every dip will be bought, he said.

A significant development in the market on Monday was the huge delivery volume in banking stocks like ICICI, HDFC, Axis, SBI and Kotak Mahindra. This segment will remain resilient and may appreciate further, he added. (IANS)


Related articles

ICMR rejects BHU study on Covaxin, says findings misleading

  New Delhi, May 20 :The Indian Council of Medical Research (ICMR) has rejected a recent study led by...

‘Those who insulted Constitution now dancing with it’: PM Modi calls out Congress’ ‘hypocrisy

New Delhi, May 19 Prime Minister Narendra Modi engaged in a comprehensive discussion with CEO & Editor-in-Chief, AMG...

UK to fund medical training for doctors treating Palestinian evacuees

Shillong, May 20: The UK government will fund medical training for doctors and health practitioners treating Palestinian evacuees...

Top four teams to watch out for in 2024 Men’s T20 World Cup

Shillong, May 20: Once IPL 2024 is over on May 26, the attention of all cricket fans will...