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The NSE Nifty was up by 0.59 per cent or 127.50 points at 21,570.99 points, while the BSE Sensex was at 71,768.34 points, up by 0.60 per cent or 430.34 points. A total of 3,835 stocks were actively traded, 1,935 advanced, while 1,752 declined, and 148 stocks remained unchanged, with 329 stocks hitting a 52-week high, and 15 stocks hitting a 52-week low at 1 pm on Wednesday.
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, “The resilience of the market even in the holiday season, which is normally devoid of much action, is an indication of its underlying bullishness. The global support to the market from the mother market in the US, where the S&P 500 is close to an all-time high, is significant.
There are areas of concern that investors have to be careful about. Several IPOs getting heavily over-subscribed is an indication of exuberance. There is a frenzy in the mid- and small-cap segments, where valuations are excessive. The rally in the PSU space, in some segments such as ship-building, are driven by hope, based on order inflows. The market is ignoring the execution challenges here.”
He further added, “Investors should give priority to high quality blue chips, which are doing well and have good earnings visibility. A correction in the broader market is inevitable.”
Top gainers on the NSE at 1 pm include Hindalco Industries Ltd (3.45%), Ultratech Cement Ltd. (3.04%), Bajaj Auto Ltd (2.37%), Tata Motors Ltd (2.09%), and Bharti Airtel Ltd (1.76%)
Top losers on the NSE include Britannia industries Ltd (-1.28%), NTPC Ltd (-1.31%), Adani Enterprises ltd (-0.70%), Tech Mahindra Ltd (-0.70%), and Adani Ports and Special Economic Zone Ltd (-0.65%)
The BSE smallcap was up by 0.19 per cent, and the midcap by 0.23 per cent, indicating gains
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