Stock Market: Global risk-on sentiment turns feverish; Indices look askance at peaks

Spread the love

There is also a sense among the market participants that the investors are gung-ho on equities without visible cues as the sooner rate cut hopes have subsided while the geostrategic situations remain a top concern.

Spread the love

By S Jha

New Delhi, February 23: Nvidia pumped up the investors’ sentiments across continents to push global indices to their respective peaks. But there appears a sense among the market participants that the global indices are now looking askance for further direction.

European and the American indices posted record gains in the Friday sessions to touch all-time highs. They have rallied after Nvidia vetted their risk-on sentiment. The sentiment had even buoyed over the Indian indices as the 50-stock Nifty once more had given a close above the 22200 level in the Thursday session while staging a thriller turnaround in its fortune during the day.

But Bank Nifty went under the hammer in the Friday session while Nifty looked worried to set feet in the forward direction. This was despite the fact that the index heavyweight Reliance Industries was trending and almost kissed the level of Rs 3000, a first for the stock. Reliance Industries was trending seemingly because of the positive sentiments in the telecom sector.

The oil and gas sector ended the day as loser. European indices too showed signs of carrying burdens of moving forward after record rally. There is also a sense among the market participants that the investors are gung-ho on equities without visible cues as the sooner rate cut hopes have subsided while the geostrategic situations remain a top concern.

Dow Jones was trading with decent gains in the Friday session, NASDAQ was trading with minor cuts. The global equity markets now head into the weekend, and the Indian indices will brace up for the monthly expiry of the February series, which has brought a windfall for the investors with gains in indices close to five per cent in a month.

The IT stocks showed residual strength in the Friday session with Wipro leading the pack among the largecaps. Hero Motors also showed strength in the early session as the scrip sought to do a catch with Bajaj Auto and Eicher Motors. There was positive sentiment in the pharma counter in an indication that the market participants may be hedging with defensive scrips. Cipla and Sun Pharma were in action on Friday.

Among the smallcap, Voltamp Transformers showed strong momentum as the scrip gained over 11 per cent. Some of its peers such as Shilcher Technologies have turned into multibaggers. The defence play was also in action as Bharat Electronics and Data Patterns posted strong gains. The Railways stocks were also in demand, and the day belonged to Rail Tel.

(Disclaimer: This article makes no recommendation for buy or sell of shares of any company)

Subscribe: youtube.com/@TheRaisinaHills Join: https://whatsapp.com/channel/0029VaFAp9b60eBiuA8v1x0s