Record rally continues! Sensex, Nifty hit fresh all-time highs led by largecap stocks

Indian equity benchmarks extended their bull run for the fifth consecutive day

Indian equity benchmarks extended their bull run for the fifth consecutive day, with Nifty hitting an all-time high of 24,124 and Sensex at a record high of 79,546 on June 28. Despite concerns of overbought market, analysts expect markets to sustain this rally in the near-term, supported by gains in largecap stocks.

At 9:25 am, Sensex and Nifty was up by 0.3 percent each to 79,488 and 24,119 on June 28. The market breadth was positive as around 2,936 shares advanced, 2,119 declined, and 105 were unchanged.

VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services said that the bull run is likely to continue in the near term, with largecap stocks taking the front lead. He also expects foreign inflows to increase towards India as its macros and fundamentals remain strong as against other emerging market players.

"Despite concerns of overbought market, we don't believe that there is formation of bubble. Nifty's P/E ratio stands at 21x FY25E earnings, which is still below the estimated bubble of 23x PE ratio," he added.

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Meanwhile, broader indices continued to trade in positive territory on June 28 morning. The Nifty Midcap 100 and Nifty Smallcap 100 indices surged up to 0.6 percent.

Sectorally, Nifty PSU Bank was the top performer, jumping over 2 percent in early deals led by gains in PNB, Bank of Baroda, SBI, among others. Nifty Oil & Gas and Pharma indices also joined the rally, rising over 1 percent each.

On the flipside, Nifty Realty and Nifty Auto indices declined were the top laggards, dropping up to 0.2 percent.

From an investment perspective, Vijayakumar of Geojit Financial Services recommended to stick to largecaps amid this record run rally and cautioned against smallcaps.