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, 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.