Mid-day Mood | Large-cap stocks power Sensex, Nifty to another record high

Fear gauge India VIX cooled off by 2 percent to trade around 13 level.

Benchmark indices Sensex and Nifty continued to trade positively after reaching all-time highs of 79,546 and 24,124, respectively on June 28. Broader markets, too, joined the rally and outperformed benchmarks, with Nifty Midcap 100 and Nifty Smallcap 100 rising up to 0.7 percent.

At 11:55 am,  the Sensex was up 214.11 points or 0.27 percent at 79,457.29, and the Nifty was up 74.30 points or 0.31 percent at 24,118.80. The market breadth was positive as around 2,073 shares advanced, 1,217 shares declined, and 74 shares unchanged.

Meanwhile, fear gauge India VIX cooled off by 2 percent to trade around 13 level.

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Fundamental view

VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services predicts Sensex to reach 80,000 level given the current market momentum.

"The healthy trend in the recent rally is that it is driven by fundamentally strong largecaps like RIL, Bharti Airtel and leading private sector banks. However, corrections can happen any time since the market is in the overbought zone and DIIs are booking profits," he said.

Technical view

Vaishali Parekh, Vice-President of Technical Research at Prabhudas Lilladher said that the Sensex is entering into a new territory with strong bias as 80,700 the immediate target for the coming sessions. "The zone near 78,600 would be the near-term support for index whereas 77,500 shall be maintained as a strong support," she added.

JSW Infrastructure: The stock soared up to 5.3 percent to hit 52-week high of Rs 336 per share on June 28 after the company announced acquisition of a majority stake in Navkar Corporation.

Brigade Enterprises:  The stock surged surged over 3 percent to Rs 1,387.25 per share on June 28 following the launch of their latest project, 'Brigade Insignia,' in Yelahanka, Bengaluru.

RBL Bank: The stock of this private sector lender jumped 3 percent to Rs 270.4 after the board approved fund raise up to Rs 6,500 crore.

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