The NSE Nifty was up by 0.33 per cent or 74.95 points at 22,741.24, while the BSE Sensex was up by 0.40 per cent or 320 points at 75,057 at 9.50 am on Tuesday.

A total of 3,047 stocks were traded on the BSE, of which 1,815 advanced, while 1,129 declined and 103 stocks remained unchanged. As many as 113 stocks hit a 52-week high, and six stocks hit a 25-week low. 

Dr V. K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “The pattern of ‘higher highs and higher lows’ is a distinct bullish signal, and this has been the standout pattern in the Indian market this year. Consequently, the buy on dips strategy has worked consistently for investors. The new records set by the market yesterday confirms the bullish market undertone. 

A healthy and desirable trend in the market movement yesterday was the outperformance of the large caps. This trend is likely to continue. It is important to understand that in this richly valued market, there is valuation comfort in large cap banking stocks. More importantly, Q4 results of the banking majors are likely to be good. Sectors such as capital goods, autos, cement and hospitality are likely to remain resilient.”

He further added, “The hallmark of a bull market is its ability to set new record highs. This has been happening in the mother market US and also in the Indian market. An important feature of the recent rally in India is that it is led by fundamentally strong sectors such as capital goods, automobiles, banking and metals. The robustness of the Indian economy, the sustained capital flows into mutual funds, and the enthusiasm of domestic investors can support the rally. However, valuations of the smallcap segment are elevated and unjustified.”

Major gainers on the NSE at 9.30 am include, Infosys (1.90%), Hero Motocorp (1.38%), Apollo Hospitals (1.29%), LTIMindtree (1.10%), Wipro (1.04%). Major losers include Eicher Motors (-1.14%), ONGC (-0.54%), BPCL (-0.50%), Tata Consumers (-0.43%), Reliance (-0.41%).

BSE Smallcap was up by 0.52% and Midcap was up by 0.33% indicating gains.