D-St benchmarks resume record run, Sensex, Nifty cross new milestones

The domestic equity market indies settled at fresh record highs on Tuesday led by gains in banking and IT stocks. The surge in markets comes a day after RBI data showed the current account surplus stood at $5.7 billion, or 0.6 per cent of the GDP, in the fourth quarter of the fiscal year 2023-24.At close, the Sensex was up 712.44 points or 0.92 percent at 78,053.52 and the Nifty was up 183.45 points or 0.78 percent at 23,721.30. On the BSE, about 1,803 shares advanced, 2,079 shares declined, and 118 shares were unchanged.Axis Bank,ICICI Bank, HDFC Bank,SBI, Kotak Mahindra were the top gainers on the Nifty,while losers included Lodha, Prestige and Godrej Properties. 
On the sectoral front, Banking and Financial indices outperformed. Both the indices rallied over 1 percent whereas Realty index shed nearly 2 percent. Technically, after a strong opening the market held the positive momentum throughout the day. A bullish candle on daily charts and higher bottom formation on intraday charts indicating continuation of uptrend wave in the near future.
The broader market underperformed the headline indices after the midcap index fell 0.4 percent, paring all gains after hitting a record high. Smallcap index inched higher by 0.2 percent.
Rupee Close:
On 25 June'24,the Indian rupee appreciated 3 paise against the US dollar on Tuesday, tracking a firm trend in domestic equities amid stable global crude oil prices.However, a strengthening American currency in the overseas market weighed on the local unit and restricted the up move, forex traders said.
Trading Guide:
Vinod Nair, Head of Research, Geojit Financial Services said,the domestic market experienced a financial sector-driven rally today, primarily led by private banks, with the Nifty Bank reaching a new high and the Sensex surpassing 78,000. However, profit booking was evident in sectors such as realty, power, metals, and midcaps. Amidst moderate consolidations and sector rotations, the market is moving upwards due to expectations from the upcoming budget. Additionally, the progress of the monsoon is being watched for insights into the consumption outlook.
Market experts have recommended buying these five buy-or-sell stocks- Gujarat Gas, Punjab National Bank, Hindustan Copper, Titagarh Rail, and Sundram Fasteners.

(Writer is a Finance Research Analyst, based in Gandhinagar, Gujarat)