Sensex, Nifty hit record high for 6th straight session

Benchmark stock market indices continued their upward tick to hit a record high for the sixth session led by a rally in IT stocks.
The S&P BSE Sensex added 67.47 points to 85,903.59, while the NSE Nifty50 gained 14.70 points to 26,230.75 as of 9:25 AM.
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
“An important trend emerging in the market is the clear outperformance of largecaps over mid and small caps. The outperformance has been pronounced during the last five trading days which saw Nifty appreciate by 2.85% against a mere 0.6% up move in the small cap index. This is a healthy trend which can impart resilience to the market and, given the gush of domestic liquidity, take it higher. It appears that smart money is moving from mid and small caps to largecaps.
A significant global market trend is the outperformance of China and Hong Kong this month on hopes that the Chinese stimulus will improve the Chinese economy and valuations in these markets where valuations are cheap now. Therefore, it is possible that FIIs may again sell more in India to move money particularly to the Hong Kong market. IT stocks are likely to respond positively to the good guidance of Accenture.”