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Of Sensex Touching Record Highs, Rally in Banking Stocks and Key Stocks in Action Today
Fri, 19 Jan Pre-Open | Karan Janani, TM Team

Sensex Touches Record High of 35,000

BSE Sensex is on a roll. The index touched a record high of 35,000 on Wednesday and further inched upwards to end yesterday's trade at a level of 35,260. Considering a span of one year, the benchmark index has delivered a 30% return. Such superior returns within a short span have occurred after almost two decades. So, this is historic.

BSE SmallCap and BSE MidCap index too have delivered mind-boggling returns in the preceding year. Both the indices have shot up by 53.8% and 41.5% respectively.

The index has surged mainly on the back of huge domestic inflows coming into mutual funds. Apart from this, an expected recovery in the earnings too has fueled a hope rally in the benchmark index.

Given the sharp surge, the Sensex price/ earnings (P/E) ratio has risen to 25.8 times. This is way ahead as compared to the ten-year median price/earnings (P/E) ratio of 19.6 times. This ratio indicates that the benchmark index could well be in a bubble territory (subscription required) as of now.

The benchmark index lost around 4000 points within a quick span of one month during the 2008 financial crisis. At that time, the benchmark index was trading at a P/E ratio of around 28 times.

Subdued earnings have led to the P/E ratio remaining high. It's high time that corporate earnings catch up to the market's expectation. In-case they don't, a crash as seen in the earlier years cannot be ruled out.

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Rally in Banking Stocks

The rally in the stocks in the private banking space continued yesterday. The government is considering allowing 100% FDI in private banks and 49% in public sector banks. The move could pave the way for higher foreign flows in banks.

Stocks such as HDFC Bank, Kotak Bank and IndusInd Bank shot up by 2.1%, 1.8% and 1.4% respectively.

Key Stocks in Action Today

The heavyweights such as ITC, HDFC Bank, Reliance Industries, Kotak Bank, HCL Tech, Wipro are expected to be in the news today as they declared their results for the quarter ended December 2018.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

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Stock Market Updates

ONGC plunged by 5%; BSE OIL & GAS Index Down 3.5% (Today's Market)

May 23, 2018 03:21 PM

ONGC share price has plunged by 5% and its Current Market Price is Rs 187. The BSE OIL & GAS is down by 3.51%. The top gainers in the BSE OIL & GAS Index are INDRAPRASTHA GAS (up 0.81%) and PETRONET LNG (up 0.50%). The top losers are ONGC (down 5.07%) and BPCL (down 6.13%).

TATA STEEL plunged by 5%; BSE METAL Index Down 2.9% (Today's Market)

May 23, 2018 01:42 PM

TATA STEEL share price has plunged by 5% and its Current Market Price is Rs 577. The BSE METAL is down by 2.89%. The top gainers in the BSE METAL Index [TOPCOMPANY]. The top losers are TATA STEEL (down 5.16%) and VEDANTA LTD (down 5.10%).

Indian Indices Trade Flat; Oil & Gas Sector Down 2.3% (Today's Market)

May 23, 2018 12:30 pm

The BSE Sensex is trading flat, while the NSE Nifty is trading down by 20 points.

BANK OF BARODA surged by 5%; BSE BANKEX Index Up 0.5% (Today's Market)

May 23, 2018 12:33 PM

BANK OF BARODA share price has surged by 5% and its Current Market Price is Rs 140. The BSE BANKEX is up by 0.54%. The top gainers in the BSE BANKEX Index are BANK OF BARODA (up 5.27%) and SBI (up 5.35%). The top losers are HDFC BANK (down 0.72%) and KOTAK MAH. BANK (down 1.58%).

L&T INFOTECH LTD surged by 5%; BSE IT Index Up 0.5% (Today's Market)

May 23, 2018 10:30 AM

L&T INFOTECH LTD share price has surged by 5% and its Current Market Price is Rs 1,585. The BSE IT is up by 0.48%. The top gainers in the BSE IT Index are L&T INFOTECH LTD (up 5.10%) and L&T TECHONOLOGY SERVICES (up 5.27%). The top losers are MPHASIS LTD (down 0.01%) and WIPRO (down 0.19%).

HPCL plunged by 6%; BSE OIL & GAS Index Down 2.1% (Today's Market)

May 23, 2018 10:24 AM

HPCL share price has plunged by 6% and its Current Market Price is Rs 310. The BSE OIL & GAS is down by 2.15%. The top gainers in the BSE OIL & GAS Index are CASTROL INDIA (up 1.56%) and PETRONET LNG (up 0.28%). The top losers are HPCL (down 5.53%) and BPCL (down 5.41%).

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