Indian stock indices were higher on Tuesday morning as they continue to march towards fresh all-time highs.
Sensex and Nifty were 0.6 per cent higher each this morning. In opening rally this morning, the Sensex was at just 100 to 150 points below its all-time high of 65,898.98 points recorded last week.
Forty four of the Nifty 50 companies were in the green today, with Britannia, HDFC Life, Apollo Hospitals, Sun Pharma, and Bajaj Finserv among the top gainers.
The consistent inflow of foreign funds, firm economic outlook, and moderation in inflation supported Indian stocks in the latest bull run.
However, several analysts pointed out that any further rally from the current levels is unlikely as valuations are on the higher side.
“The ongoing rally in the market is slowly moving from broad-based rally to specific stock-driven rally. Yesterday, in spite of the weakness in
IT and banking majors Nifty rallied by 24 points, driven primarily by RIL (Reliance). Bharti Airtel and Tata Motors also have been imparting resilience to the rally,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Vijayakumar added there are no major triggers that can take the rally beyond the present levels.
