The NSE Nifty was up by 0.38 per cent, or 88.90 points, to 23,554.50, while the BSE Sensex was at 77,276 up by 0.37 per cent, or 298 points, at 3 pm.
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “The undercurrent of the market continues to be bullish. Sustained huge domestic flows is the principal driver of this rally. It is also important to understand that there is fundamental support to the rally from the strong economic growth and good corporate earnings. Global support from the mother market US, which is setting new records, also is a positive factor.
Since Nifty is currently trading at around 21 times FY25 estimated earnings, there is no room for further sharp rally from the current levels. Liquidity flows may sustain the outperformance of the broader market. But valuation comfort in this space is extremely low. So investors may focus on fairly valued largecaps, particularly in the banking space and also the leading auto stocks where the high valuations can be justified by their growth prospects.”
Top gainers on the NSE at 3 pm include Shriram Finance (3.30 per cent), Power Grid (3.22 per cent), Wipro (3.05 per cent), Titan (1.72 per cent), and Adani Enterprises (1.56%). Top losers include Maruti (-2.12 per cent), Dr Reddy’s Lab (-1.61 per cent), Tata Steel (-1.14 per cent), Ultratech Cement (-1.09 per cent), Hero Motocorp (-0.82 per cent).