As Indian stock indexes surge, the Sensex crosses the 65,000 milestone

The Indian market indexes maintained their upward trend and added to their impressive gains from the previous week.
This morning, the benchmark Sensex and Nifty both increased by 0.7%. The indexes each gained almost 3% last week, which was their greatest gain in months.

A notable event today was the first time the Sensex exceeded 65,000 markets.
Following their merger, HDFC and HDFC Bank were among the top gainers this morning. Among the Nifty 50 gainers were Grasim Industries, JSW Steel, and Ultratech Cements.
“The ongoing rally in global stock markets is primarily driven by the surprising and unexpected strength of the U.S. economy (2 percent GDP growth in Q1 23), in spite of the savage 500 basis points rate hike by the Fed,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The markets are now making up for the excessively gloomy discounting in 2022 when it was discovered that they had discounted a US recession by mid-2023.
The fact that the gain in the US is predominantly being driven by tech stocks while the rise in India is more “broad-based” is a key divergence between the two rallies. The indexes were also boosted by ongoing foreign money influx into Indian markets.
Vijayakumar said, “The rise may continue since the market momentum strength is robust, but valuations are becoming stretched.
Ajit Mishra, SVP – Technical Research, Religare Broking Ltd., advised investors to continue using the “buy on dips” strategy as long as the Nifty range was between 19,350 and 19,500.