A decadal shift is happening in PSU stocks, says Marathon Trends' Atul Suri
"A massive shift is happening in the markets. The sectors that are leading in the last 3-6 months are internally driven. The most spectacular move has been seen in the PSU (public sectors unit) stocks. Now, a decadal shift is happening," Suri told BT TV.
- Sep 11, 2023,
- Updated Sep 11, 2023 5:15 PM IST
Atul Suri, CEO of Marathon Trends, on Monday said broader index NSE Nifty could rise further by around 10 per cent. "For Nifty, targets of around 21,500-22,000 could be possible, which is around 10 per cent higher from current levels. This would be very good for investors as a lot of stocks/sectors may outperform," Suri told BT TV.
He also opined that a huge shift has been going in the markets amid the current bull run. "A massive shift is happening in the markets. The sectors that are leading in the last 3-6 months are internally driven. The most spectacular move has been seen in the PSU (public sectors unit) stocks. Now, a decadal shift is happening," the market veteran cited.
When asked about the ongoing rally in railways, defence and shipbuilders, Suri said, "After such big vertical moves, the risk reward tends to be difficult. Stay cautious at current levels."
Meanwhile, Nifty scripted history today and scaled 20,000-level for the first time as bulls continued their dominance on Dalal Street. Consistent buying from the domestic investors and positive local cues pushed the headline indices higher for the seventh straight session. However, the index settled below the 20,000-level.
For the day, Nifty touched an all-time of 20,008 and settled slightly lower at 19,996, up 176 points or 0.89 per cent. The 30-share BSE Sensex pack surged more than 528 points or 0.79 per cent to close at 67,127. Broader markets were in-sync as the BSE midcap and smallcap indices rose about a per cent, each. Fear gauge India VIX, however, spiked more than 5 per cent to 11.35-level.
Among the gainers, sub-index Nifty PSU Bank index jumped more than 3 per cent, while Nifty Auto and Nifty Metal indices rose 2 per cent, respectively. Nifty Financial Services, Nifty FMCG, Nifty Healthcare, Nifty Realty and Nifty Private Bank gained about a per cent, each.
Adani Group stocks hogged limelight after fresh promoter buying. Adani Power jumped 8 per cent, while Adani Ports and Special Economic Zone surged 7 per cent for the day. Adani Solutions ended 5 per cent higher, whereas Adani Energy Enterprises gained 4 per cent up. Adani Wilmar, Adani Green Energy and Adani Total Gas added 2-3 per cent each.
Barring the Adani Group stocks, Axis Bank, Power Grid and Apollo Hospital Enterprises and Maruti Suzuki gained more than 2 per cent each. UPL, Hindalco and HDFC Life Insurance Company also post healthy gains for the day. Hero MotoCorp, State Bank of India, HCL Tech and Tata Steel were the other key gainers on the index.
Atul Suri, CEO of Marathon Trends, on Monday said broader index NSE Nifty could rise further by around 10 per cent. "For Nifty, targets of around 21,500-22,000 could be possible, which is around 10 per cent higher from current levels. This would be very good for investors as a lot of stocks/sectors may outperform," Suri told BT TV.
He also opined that a huge shift has been going in the markets amid the current bull run. "A massive shift is happening in the markets. The sectors that are leading in the last 3-6 months are internally driven. The most spectacular move has been seen in the PSU (public sectors unit) stocks. Now, a decadal shift is happening," the market veteran cited.
When asked about the ongoing rally in railways, defence and shipbuilders, Suri said, "After such big vertical moves, the risk reward tends to be difficult. Stay cautious at current levels."
Meanwhile, Nifty scripted history today and scaled 20,000-level for the first time as bulls continued their dominance on Dalal Street. Consistent buying from the domestic investors and positive local cues pushed the headline indices higher for the seventh straight session. However, the index settled below the 20,000-level.
For the day, Nifty touched an all-time of 20,008 and settled slightly lower at 19,996, up 176 points or 0.89 per cent. The 30-share BSE Sensex pack surged more than 528 points or 0.79 per cent to close at 67,127. Broader markets were in-sync as the BSE midcap and smallcap indices rose about a per cent, each. Fear gauge India VIX, however, spiked more than 5 per cent to 11.35-level.
Among the gainers, sub-index Nifty PSU Bank index jumped more than 3 per cent, while Nifty Auto and Nifty Metal indices rose 2 per cent, respectively. Nifty Financial Services, Nifty FMCG, Nifty Healthcare, Nifty Realty and Nifty Private Bank gained about a per cent, each.
Adani Group stocks hogged limelight after fresh promoter buying. Adani Power jumped 8 per cent, while Adani Ports and Special Economic Zone surged 7 per cent for the day. Adani Solutions ended 5 per cent higher, whereas Adani Energy Enterprises gained 4 per cent up. Adani Wilmar, Adani Green Energy and Adani Total Gas added 2-3 per cent each.
Barring the Adani Group stocks, Axis Bank, Power Grid and Apollo Hospital Enterprises and Maruti Suzuki gained more than 2 per cent each. UPL, Hindalco and HDFC Life Insurance Company also post healthy gains for the day. Hero MotoCorp, State Bank of India, HCL Tech and Tata Steel were the other key gainers on the index.