Indian markets at all time high. Thank you elections
Most of the global markets are struggling to stay in green while Indian markets reached all time high today.
23,000 on Sensex is just 6 points away on closing basis while it peaked 23,048.49 intraday.
There are talks according to exit polls NDA would perform better compared to the ruling party. The move which was expected to early next week has happened yesterday.
The market rally was supported by Real Estate and Banking stocks. ICICI bank rose 6.5% odd and was the biggest gainer on the Sensex. Yes bank climbed up by 10%
While in real estate stock HDIL was the one which gained the maximum.
FII’s turned out to be net buyers yesterday and they net buying was Rs 1200 crores (odd).
India’s VIX peaked at 37.7 which is the highest point in the last 5 years. During the previous elections VIX peaked at 57 level (in 2009).
So what should you do?
Buy now? No, Buy in dips & wait for 16th May. (For long term investors only)
Long term investors should focus on fundamental play and not just on short term gains. Invest in a stock which is fundamentally strong.
Chart source – Google Finance