New Delhi: The domestic equity markets continued their upward trend for the second consecutive day on Wednesday. The BSE Sensex surged by 289 points to 76,188, while the NSE Nifty rose by 85 points to 23,042 in early trading.
V K Vijayakumar, chief investment strategist at Geojit Financial Services, highlighted that the YTD Nifty is down 3.3%, Nifty Midcap is down 9.1%, and Nifty Small cap is down 14.71%. This data suggests that valuations are returning to normal levels, which is expected to promote market health and sustainability. Vijayakumar also mentioned that a recovery in the market is possible, particularly in well-priced financials, but a significant surge is unlikely due to potential selling pressure from FIIs at higher levels.
He further added, "The market will be closely monitoring positive signals from the upcoming Budget. The US Federal Reserve's decision today is not likely to have a direct impact on the market as no major policy changes are anticipated."
On Tuesday, both the BSE Sensex and NSE Nifty50 closed in the green. The Sensex gained 535.24 points, or 0.71%, closing at 75,901.41. The Nifty50 also ended higher at 22,957.25, up by 128.10 points or 0.56%.
