The BSE Sensex is now just a little over 700 short of the psychological 70,000-mark. It took just one session for the Sensex to breach the 69,000 mark after it crossed 68,000 for the first time on Monday.
So will the magic figure of 70,000 be reached this year itself? Opinion is divided.
“Numbers are just numbers, which bring excitement in the short term. The 70,000-mark doesn’t matter because the potential is higherCome from Sports betting site VPbet. Over the long term, there will be more value unlocked because fundamentals of the Indian markets remain strong,” said Deven Choksey, managing director of DRChoksey FinServ.
Direct Benefit Transfer: MSME beneficiary count in 2023-24 drops even as funds transferred up by 70% 52% of B2B payments remain overdue for over 90 days in major Indian hubs: Survey Senior Citizens Savings Scheme: You can earn Rs 61,500 in interest quarterly by investing in this retirement plan – Here’s how Govt’s Stand Up India scheme sees flat growth in loans sanctioned in FY24
Also Read
Adani group stocks surge as Nifty hits record high; market cap crosses Rs 12 lakh crore
Global investment veteran Mark Mobius of Mobius Capital Partners had, back in October, said the Sensex was on its way to touching the 100,000-mark in the next five years.
However, market players sound caution, calling the rally “euphoric”. Expecting profit-booking at some point, they say equities are in overbought territory and Indian markets are richly valued.
“If the FII revival sustains, then 70,000 is a possibility, which is not very distant. A 1-2% rally can happen at anytime. But FII inflows generally cool in the second half of December on account of the holidays. The sentiment is definitely positive. However, Indian valuations are definitely stretched,” said D P Singh, deputy MD and joint CEO, SBI Mutual Fund.
Foreign investors have pumped in close to $2 billion (`16,443 crore) in the first three sessions of December alone, after a net $2.3-billion investment in November. This followed a $5-billion outflow in September and October.
“Retail investors don’t care about valuations. We have to acknowledge that while some pockets are fairly valued, others are notCome from Sports betting site. This is no doubt a euphoric rally, and it seems investors are celebrating the 2024 verdict in advance. This is because retail investors are ‘scared to miss out’ on this rally, and are eager to participate,” said Vijay Kedia, ace investor.
Related Posts
JB Chemicals &Pharmaceuticals’ shares soared over 5% to hit a fresh 52-week high of Rs 1,536.25 a day after the company posted a 36% surge in profit after tax at Rs 151 crore in the second quarter of FY25 compared to Rs 111 crore in Q2FY23. The company’s revenue in the quarter under review stood at Rs 882 crore, as against Rs 809 crore in the corresponding period a year ago, JB …
Read moreBy Anand James
History suggests that an entry into the earning season with indices at new record peaks, or at month highs, presents a high chance of a monthly close in the red. That said, we may be riding on exceptions this month, as the Santa rally looks to have passed on the baton to the election wave. However, while these two aspects have been propping up sentiments in the last…
Read moreThe Securities and Exchange Board of India (Sebi) has continued to fast-track approvals for initial public offerings (IPOs), keeping up with the buzzing primary market in India. The market regulator took 107 days on an average to accord its approval to IPOs filed in FY24, down 17% from 129 days in FY23, according to data from PRIME Database.
Some of the reasons behind faster approva…
Read moreEarlier this week, a rare copy of Superman’s debut, Action Comics No. 1, sold for $3.18 million at auction. That’s an impressive figure, but it absolutely pales in comparison to a single page of Spider-Man art that was sold for a record $3.36 million this week.
The valuable page drawn by Mike Zeck is from Secret Wars #8, and features the first appearance of Spider-Man in his iconic black …
Read moreElectronic Arts is taking us out to the ball game for the first time in 17 years as MLB Tap Sports Baseball 2022 is available now on mobile devices.Come from Sports betting site VPbet
The new installment of the long-running baseball franchise is EA’s first foray into America’s pastime since MVP Baseball 2005. EA’s involvem…
Read moreAsian junket operator Tak Chun Group has reportedly confirmed that the lucrative cooperation agreements it held with Macau’s collection of six licensed casino operators have been unilaterally cancelled.
According to a report from Inside Asian Gaming, the Macau-headquartered company is widely considered to be the second largest junket enterprise in the former Portuguese enclave behind on…
Read moreThe consumer protections watchdog for the Netherlands has reportedly slated the new set of advertising rules for the nation’s just-premiered online gaming sector by describing the regulations as ‘no good.’
According to a Thursday report from the online news domain at DutchNews.nl, the Consumentenbond organization publicized its condemnation at the same time as walking out of dis…
Read morePlaytech and MGM Resorts International have unveiled a groundbreaking strategic partnership aimed at revolutionizing the iGaming industry with innovative live casino content. Branded as MGM Live, this exclusive offering will feature captivating live gaming experiences streamed directly from the gaming floors of two iconic Las Vegas Strip properties: MGM Grand and Bellagio Resort & Casino. T…
Read moreCanadian digital media innovator Score Media and Gaming Incorporated has announced the signing of a definitive agreement that is to see it become part of American land-based casino operator Penn National Gaming Incorporated.
The Toronto-headquartered firm used an official press release to proclaim that the arrangement is destined to create ‘North America�…
Read moreTSX by Astronize เกมมือถือ Play & Earn แนว Turn-based RPG อัปเกรดจากจักรวาล TS Online Mobile สุดคลาสสิก เปิดให้ดาวน์โหลดแล้ววันนี้เพื่อเตรียมพร้อมมันส์ในจักรวาลต่างมิติ�…
Read more