Sensex moving towards the 67K milestone
The BSE Sensex is approaching the significant milestone of reaching the 67,000 points mark. On Tuesday, the Sensex showed an increase of 360 points, reaching 66,960 points. Among the stocks in the Sensex, companies like Infosys, ICICI Bank, and Reliance witnessed gains of over 1 percent, while Titan and Tata Motors experienced a decline of more than 1 percent.
According to V.K. Vijayakumar, the Chief Investment Strategist at Geojit Financial Services, the market has experienced a rapid and substantial rise, making a correction possible at any time. He suggests considering profit booking at the current levels. He also mentioned that the positive results from HDFC Bank bode well for Bank Nifty, and further positive results from banking stocks are expected.
The global market scenario remains favorable for the bulls, as the weakening dollar and the resulting capital inflows into emerging markets can provide resilience to the market. However, the market’s high valuations and the potential for profit booking may limit the rally. Vijayakumar suggests that a healthy consolidation phase could be the near-term trend.
