Devang Mehta of Centrum Wealth Management said the market has been moving from strength to strength on the back of reduced political uncertainty
Bulls continued to roar on Dalal Street and helped benchmark indices hit six-month high on March 12, backed by consistent FII inflow and hope of stable government at the Centre.
The 30-share BSE Sensex rallied 481.56 points or 1.30 percent to 37,535.66, taking total gains from February 19 to nearly 2,000 points. The Nifty50 surged 133.20 points or 1.19 percent at 11,301.20, the highest closing level seen since September 17, 2018.
"The market has been moving from strength to strength in the last couple of weeks with impressive performances across market breadth on the back of reduced political uncertainty," Devang Mehta, Head – Equity Advisory at Centrum Wealth Management told Moneycontrol.
He said central banks across the globe have been adopting a softer stance and with low inflation and declining interest rate in India and an expected earnings recovery on the cards, there is an expectation that Indian equities receive reasonable foreign money allocations.
The broader markets also participated in the rally with the BSE Midcap index gaining 0.65 percent and Smallcap index rising 1.07 percent amid positive breadth.
More than 65 stocks hit 52-week high on BSE on March 12 including largecaps like Reliance Industries (up 2.2 percent), ICICI Bank (3.3 percent), Axis Bank (up 1.1 percent), Titan Company (1.44 percent) and UPL (0.41 percent).
Among others, prominent names were Aditya Birla Fashion, Adani Gas, Astral Poly Technik, Bata India, Godfrey Phillips India, Havells India, Karnataka Bank, Muthoot Finance, PI Industries, etc.
