Indian Stock Market touches all-time high of 30,793
Indian stock market touched all-time high level of 30,793 for BSE Sensex benchmark index on Thursday. The rally in the last hour of the trading session led stocks to their highest level till date. Indian markets have been touching multi-year highs over the last few months. Today’s rally was supported by banks and blue-chip stocks.
Market analysts and traders are still optimistic about strong rally in coming months. If global factors remain positive, Indian stocks could easily push 31,000 level in June.
Among major gainers in today’s trade were Maruti Suzuki, L&T, HDFC Bank, TVS Motor, Voltas and KEC International.
“We have been on a one way street since December 26, 2016, primarily because of the misconceptions by the FIIs and analysts on the impact of the demonetisation and their collective inability to judge the extent of the public’s support for the programme and Mr. Modi,” Vk Sharma - Head of Business, Private Client Group at HDFC Securities said.
Strength among major markets across the world have been pushing stocks to higher valuations. While some investors are expecting a correction, majority of analysts have presented a positive view for June.