Benchmark indices erased some early gains on account of selling pressure in technology and FMCG stocks. HDFC Group stocks continued to support the market.
The 30-share BSE Sensex gained 178.59 points at 28479.86 and the 50-share NSE Nifty rose 42.90 points to 8820.90 despite mixed Asian cues.
The broader markets also came off day’s high, with the BSE Midcap and Smallcap indices rising 0.4 percent each on positive breadth. About 1209 shares advanced against 744 declining shares on the exchange.
However, he cautions, the market valuations are not cheap and investors need to be picky and ready to take ‘serious risks’ to see healthy returns.
HDFC Bank jumped 6 percent after the Reserve Bank of India has withdrawn the limit for purchase of bank’s shares. The rally also spilled over to HDFC that was up 1.3 percent.
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