On Tuesday, the Indian stock market kicked off on a robust note, with the benchmark Sensex surging past the 80,000 mark once again, propelled by gains in auto and pharma sectors.
In early morning trade, the Sensex climbed over 200 points, reflecting investor optimism and strong buying sentiment.
Meanwhile, the NSE Nifty also showed resilience, advancing by 47 points to trade at 24,368, highlighting broad-based gains across key sectors.
Analysts suggest that investor focus is now shifting towards the upcoming Q1 FY25 corporate earnings season, which is likely to provide further clarity on the economic recovery and corporate performance.
Among sectoral indices, the auto segment emerged as the top performer, recording a gain of over one per cent, buoyed by positive market sentiment and expectations of robust sales figures.
Conversely, IT stocks saw a slight decline as investors exercised caution ahead of their quarterly earnings announcements scheduled for later this week.
Market expert Mandar Bhojane from Choice Broking advised investors, stating, “The market is likely to witness volatility. It’s advisable to maintain positions with a trailing stop-loss strategy. Any corrections should be viewe as buying opportunities, given the overall bullish trend.”
After an impressive post-election rally, the markets are anticipated to consolidate further this week, with investors evaluating recent gains and market dynamics.
Foreign institutional investors (FIIs) exhibited a positive sentiment by purchasing equities worth Rs 60.98 crore on 8 July.
Similarly, domestic institutional investors turned net buyers, acquiring equities amounting to Rs 2,866 crore during the same period.
In contrast, Monday’s trading session saw the benchmark indices ending flat as the market entered a consolidation phase.
Investors opted to book profits amidst the absence of significant triggers to sustain the current premium valuations in the short term.
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