FIRST TRADE: Sensex, Nifty scale record highs amid strong global cues; Wipro, M&M, Titan up over 1%

Stock market today: Indian benchmark indices Sensex and Nifty50 scaled record highs in the morning deals on Tuesday (June 18). Nifty surpassed the 23,550 level for the first time. The rally can be attributed to easing volatility and strong global cues. Last seen, Sensex was up 170.83 points or 0.24 per cent at 77,177.29 and Nifty was up 59.15 points or 0.26 per cent at 23,526.5. 

"The undercurrent of the market continues to be bullish. Sustained huge domestic flows are the principal driver of this rally. It is also important to understand that there is fundamental support to the rally from strong economic growth and good corporate earnings,"  said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Dr. Vijayakumar added global support from the US market, which is setting new records, also is a positive factor. Since Nifty is currently trading at around 21 times FY25 estimated earnings, there is no room for further sharp rallies from the current levels. Liquidity flows may sustain the outperformance of the broader market. But valuation comfort in this space is extremely low. So investors may focus on fairly valued large caps, particularly in the banking space and also the leading auto stocks where the high valuations can be justified by their growth prospects.

In the broader market, Nifty Midcap 100 and Smallcap 100 traded in the green. High-beta Nifty Bank was flat with a negative bias at 49,969.2.

BUZZING STOCKS

Godawari Power and Ispat shares were up over 5 per cent after the board proposed to invest up to Rs 21 crore in the right issue offer proposed to be made by the subsidiary Alok Ferro Alloys.

HAL shares were up over 4 per cent after the company received an order from the defence ministry.

M&M shares were up over 1 per cent after brokerages revised their stance on the stock.

RVNL shares were up over 2 per cent after the company was declared the L1 bidder for the Rs 160 crore railway project.

Vishnu Prakash shares were up over 3 per cent after a contract worth Rs 90.89 crore was awarded to DYCE-C-BKN-ENGINEERING, North Western Railway, Bikaner.

IIFL Finance shares were up over 3 per cent after the company reported its Q4 results. 

Conversely, Biocon shares were down over 1 per cent after USFDA completed the GMP inspection at Visakhapatnam unit and issued three objections to the unit. 

Catch all the updates of June 18 session on Dalal Street here. For all other news related to business, politics, tech and auto, visit Zeebiz.com. 

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